November 28, 2020

Stop Selling Ghana Cedi Notes, Coins; it’s Illegal – BoG warns

The Bank of Ghana has warned persons trading the Ghana cedi notes and coins currently in circulation as legal tender on online platforms to desist from the act because it is illegal.

The Central Bank said it is the only institution with the right to issue and redeem Ghana Cedi notes and coins in Ghana, according to Article 183 (1) of the 1992 Constitution and section 35 of the Bank of Ghana Act, 2002 (Act 612) as amended.

“It is, therefore, illegal for any person or institution to buy or sell the Ghana cedi notes or coins currently in circulation, regardless of the purpose or intent for such trading.

“Any person who buys or sells or offers or attempts to buy or sell any Ghana Cedi note or coin at or for a lower rate than its face value or for an amount exceeding the face value, commits an offence and would be liable upon summary conviction to a term of imprisonment not exceeding ten (10) years, or to a fine not exceeding two thousand (2000) penalty units or both, in accordance with the Currency Act, 1964 (Act 242) as amended,” the BoG said in a statement.

The Bank of Ghana stressed that all persons engaged in the activity of selling (online or otherwise) of Ghana Cedi notes or coins currently in circulation, must desist from doing so immediately, and are prohibited from further engaging in such trades, with immediate effect.

The Central Bank was, however, quick to add that this is not applicable to persons who engage in money exchange for the purpose of making some denominations available to others who need them.

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Stop Selling Ghana Cedi Notes, Coins; it’s Illegal – BoG warns

The Bank of Ghana has warned persons trading the Ghana cedi notes and coins currently in circulation as legal tender on online platforms to desist from the act because it is illegal.

The Central Bank said it is the only institution with the right to issue and redeem Ghana Cedi notes and coins in Ghana, according to Article 183 (1) of the 1992 Constitution and section 35 of the Bank of Ghana Act, 2002 (Act 612) as amended.

“It is, therefore, illegal for any person or institution to buy or sell the Ghana cedi notes or coins currently in circulation, regardless of the purpose or intent for such trading.

“Any person who buys or sells or offers or attempts to buy or sell any Ghana Cedi note or coin at or for a lower rate than its face value or for an amount exceeding the face value, commits an offence and would be liable upon summary conviction to a term of imprisonment not exceeding ten (10) years, or to a fine not exceeding two thousand (2000) penalty units or both, in accordance with the Currency Act, 1964 (Act 242) as amended,” the BoG said in a statement.

The Bank of Ghana stressed that all persons engaged in the activity of selling (online or otherwise) of Ghana Cedi notes or coins currently in circulation, must desist from doing so immediately, and are prohibited from further engaging in such trades, with immediate effect.

The Central Bank was, however, quick to add that this is not applicable to persons who engage in money exchange for the purpose of making some denominations available to others who need them.

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