It is not true that ¢500 coins or notes are billed for issuing, the Bank of Ghana has said.

Debunking the social media blitz, the central bank said it has no immediate plans of issuing such high denominations.

The bank’s Director for Currency Management, Mr Dominic Owusu, told journalists: “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”, he denied, adding: “So it’s not true”.

The bank, thus, urged the public to ignore the social media chatter about the issuance of higher denominations.

Also, Mr Owusu denied claims that the one pesewa coin is no more legal tender.

“Those coins are still legal tender and must be used for transactions”, he said, adding: “The central bank has not demonetise the one pesewa coin”.