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19.05.2007 General News

Beware of fake cedi notes

By Daily Graphic
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The installation of counterfeit detection devices has begun in the country's commercial banks following a Bank of Ghana (BoG) caution that counterfeit cedi notes may be smuggled into the system.

Ahead of the introduction of new notes and coins next July, the central bank directed all commercial banks in the country to be on the look out for counterfeit cedi notes.

It explained that the security alertness had become necessary in view of the fact that some unscrupulous individuals normally took advantage of change in currency to intensify their counterfeiting business.

"The banks are very alert, their staff are being educated to be on the look out because we know that this is the right time for counterfeiters to want to carry out their nefarious activities," the Head of the Banking Department of the BoG, Mr. M.K. Narh, said in Accra on Friday.

He was responding to concerns raised at a forum on the circulation of counterfeit notes in the system as the nation prepares for the introduction of the new Ghana cedi notes in July.

The forum was to educate the management and staff of the Audit Service on the redenomination of the cedi.

The Ashanti Regional Police are currently investigating three persons for allegedly attempting to deposit ยข220 million fake currency notes at the Kumasi Branch of the BoG.

The arrest of the suspects was made possible through the vigilance of a bank official who feigned interest in the deal.

Source: Daily Graphic