GT Bank to reject ‘Ghs20 and Ghs50 Ghana notes’ from 31st August?

UPDATE: GT Bank Ghana has rectified an earlier report suggesting that it will no longer accept ’50 and 20 paper notes’ for banking transactions effective August 31. The bank in an email to its customers clarified that the currency denomination it meant to refer to was the UK pounds sterling which will be discontinued by the Bank of England effective September 30.

There is chatter on social media at the moment following a bulk text message sent to GT Bank customers which suggest the bank will soon reject ’20 and 50 paper notes’.

Guaranty Trust Bank (Limited) Ghana on Tuesday, August 9, 2022 issued a bulk SMS message informing customers of its decision to no longer accept ’20 and 50 paper notes’.

The message which was widely received by the banks’ customers said the move will take effect from August 31, 2022.

“Dear Customer, Effective August 31, 2022, the Bank will no longer accept the 20 and 50 paper notes,” the SMS read.

It further called on customers to use a toll-free number for further enquires.

A lot of Ghanaians, including actress, Lydia Forson and many others who seem baffled by the message have been tagging both GT Bank and the Bank of Ghana to offer clarity to the message.

Meanwhile, GhanaWeb Business at the time of filing this report contacted GT Bank Ghana for further clarity but received no response.

The Bank of Ghana when reached for clarity on the matter also refused to comment.

See a screenshot of the text message and reactions from Twitter below: