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 illegal act.
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.
Trending News
CSOs eyes civil action against government over alleged destruction of protected forests
14:49Kasoa-Weija road floods: We didn’t have money to fix it– Asenso-Boakye
07:02EC corrects voter roll errors
12:20My brothers and sisters are Christians, I cannot say that I’ll not get close to them – Bawumia as he fosters interfaith harmony
07:25Franklin Cudjo’s allegations that we disenfranchised SALL ‘false’ – EC
07:03Cecilia Dapaah case: EOCO’s corrupt conduct must be probed – Adam Bonaa
12:00Ghanaian man told he is not British after 42 years in UK
13:32C/R: We demand immediate action on Kasoa-Winneba road traffic – NDC tells Akufo-Addo
07:03Lawyers in shock, disbelief as Chief Justice reconstitutes, chairs Opuni case panel
10:59NHIA CEO introduces free medical screening for Ghanaians on their birthdays
13:10