The Bank of Ghana (BoG) has issued a stern warning to Ghanaians over the growing practice of abusing and improperly handling the Ghana cedi, cautionin
The Bank of Ghana (BoG) has issued a stern warning to Ghanaians over the growing practice of abusing and improperly handling the Ghana cedi, cautioning that people who violate the law could face arrest, prosecution, fines or imprisonment.
The central bank’s warning targets practices that have become increasingly common at social gatherings and celebrations, including spraying banknotes, throwing money on the ground, stepping or dancing on currency and turning Ghana cedi notes and coins into decorative items.
Among the practices singled out by the BoG is the creation of money bouquets, jewellery and other decorations from banknotes, which have become popular at weddings, birthdays, graduations and other celebrations.
According to the central bank, such practices are not harmless forms of celebration but constitute improper use of the national currency and violate the law.
The BoG said the misuse of banknotes and coins undermines the ‘quality, integrity, functionality and image of the Ghana cedi’, which serves as legal tender.
The warning could have significant implications for a growing trend in which people use Ghana cedi notes to create elaborate bouquets and other decorative arrangements for loved ones during special occasions.
While such displays are often intended as gifts or expressions of affection, the BoG says the practice amounts to improper handling of the national currency.
The central bank also warned against tearing, crumpling, staining, soiling, writing on, cutting or otherwise defacing Ghanaian banknotes and coins.
People have equally been cautioned against using images of Ghanaian currency without the permission of the Bank of Ghana.
Another practice targeted by the central bank is the buying or selling of coins at values higher than their face value.
The Bank of Ghana stressed that Ghanaian currency notes and coins are issued primarily to serve as legal tender and should not be treated as materials for decoration, entertainment or artistic modification.
The warning comes amid concerns over the condition in which some banknotes return to the banking system after being handled at social events and in other public settings.
The central bank said it commits substantial resources to the printing of banknotes and minting of coins and therefore expects the public to help preserve the currency.
According to the BoG, maintaining the physical integrity of the cedi is important to ensuring that the currency remains functional and retains its image as the country’s official medium of exchange.
The central bank said it has begun working with state law enforcement agencies to deal decisively with individuals found engaging in prohibited forms of currency use.
Law enforcement agencies, according to the BoG, will monitor the handling of banknotes and coins and take appropriate action against persons who violate the rules.
Such action could include arrest and prosecution, with offenders potentially facing fines or imprisonment depending on the applicable law and circumstances of the offence.
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