Bank of Ghana upgrades GH¢1 coin

Effective Monday, December 12, 2022, the Bank of Ghana will issue into circulation an upgraded GH¢1 coin with enhanced security features.

The Central Bank announced this in a statement on Tuesday, December 6.

According to the Bank of Ghana, the new GH¢1 coin will be similar to the existing one in shape, form and images; the Coat of Arms in front and the Scale of Justice at the back.

However, the upgraded GH¢1 coin is bi-metallic, with outer gold and inner silver.

The upgraded coin has a pronounced rough edge and incorporates a latent image, which appears in a rectangular form below the Scale of Justice at the back.

The latent image changes from a radiating star to a One Ghana cedi symbol sandwiched between two stars when tilted,” the statement added.

The Central Bank stated that the existing and the upgradedGH¢1 coins will co-circulate until the existing coin is gradually withdrawn.

The Bank encourages the public to accept the coins and use them.

In a related development, Ghana’s second-biggest bank, GCB Bank, has been downgraded by international rating agency, Moody’s.

This is the second time in two years that Moody’s has downgraded the indigenous bank.

The bank’s deposit ratings reflect the expected losses that depositors will incur following the sovereign debt restructuring.

GCB Bank’s long-term local currency deposit rating was downgraded to Caa3 from Caa2 and is one notch higher than the bank’s Ca long-term foreign currency deposit rating.

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