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Bank of Ghana debunks media reports of introducing GH¢500 coin

The Bank of Ghana has debunked social media speculation that it plans to introduce a GH¢500 coin.

GH¢500 coin

According to the central bank, it has no immediate plans to issue higher denominations for circulation.

The Director for Currency Management at the Bank of Ghana, Dominic Owusu urged the public to dismiss the report and described it as false.

He explained that the introduction of new currency or withdrawal of existing notes and coins is always thoroughly planned and accompanied by extensive public and media education.

"When there is a currency issuance or change, the Bank of Ghana will come with an appropriate press release to inform the public. We saw on social media that the central bank will issue a ¢500 note or coin but the bank has not done any such thing. So it’s not true," he stated.

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It's rumored that the GH¢500 coin is about to be released into the system which has sparked controversies on the internet.

Earlier, a photo of a new GH¢500 coin surfaced online and Ghanaians have shared their views on the issue.

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