The Bank of Ghana has directed all banks and financial institutions in the country to reject all British £50 and £20 paper notes effective 31st August 2022.
The directive comes after the Bank of England in the United Kingdom declared that the two paper banknotes will no longer be legal tender starting in October this year, because they have been replaced with polymer banknotes.
On its website, the Bank of England said “30 September 2022 is the last day you can use paper £20 and £50 notes. They have been replaced by new polymer £20 and £50 notes.”
Both the £20 and £50 paper notes features the Queen of England, but the new £50 polymer note features a picture of British scientist Alan Turing taken in 1961, according to the bank of England, while the new £20 note celebrate the works and legacy of British artist, Turner.
The new £20 note has been in circulation since October 2019, while the £50 note has been in use since June 2021. But both will be of no use from October 1, 2022.
Following the BoG’s directive, banks in Ghana have started issuing circulars via SMS to all their customers informing them that the two paper banknotes will longer be accepted at the banks from August 31, 2022.
Techgh24 editor made a call to Access Bank, upon receiving a copy of the circular to get details and a bank of official said per the BoG’s directive, Ghanaians are also on a deadline to spend any £50 and £20 paper notes they have between now and September 30, when the two paper notes would no longer remain legal tender.
There is a countdown on the website of the Bank of England indicating 49 more days [from today] left for you to use your £20 and £50 paper banknotes.
Meanwhile, as of today, the British pound is equivalent to GHS10.96.