Banks Will no Longer Accept 20 and 50 paper Notes-Details
Ghanaians are worried as there seem to be no communication from the Bank Of Ghana for Banks not to accept 20 and 50 paper notes.
The information spread on social media with Ghanaians asking series of questions.
The message Reads.
Effective August 31, 2022, the bank will no longer accept the 50 and 20 paper Notes, Contact the Bank for more enquiries.
Some users also explained, The Directive is for those who have Dollar account or pounds. Those Account holders were served with the message and not Ghana.
The Bank of England Released a Press News letter on the matter; It reads
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The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022.
After this date, paper £20 and £50 banknotes will no longer be legal tender. So we are encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 100 days.
It is also exactly one year since we issued the polymer £50 banknote featuring the scientist Alan Turing, on what would have been his 109th birthday. The Turing £50 completed our family of polymer notes, with all denominations (£5, £10, £20 and £50) now printed on polymer.
While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £6 billion worth of paper £20 featuring the economist Adam Smith, and over £8 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation. That’s more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.footnote
Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John said “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable. The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”
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There is no need to panic.