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07.06.2007 General News

Foreign gangs fake new currency

By myjoyonline

The National Security network has identified syndicates in some foreign countries that are trying to fake the new Ghana Cedi which is due to become legal tender from July 1.

The Minister of National Security, Francis Poku, has therefore charged the security agencies, especially those at the country's points of entry, to be extra vigilant to prevent the inflow of the fake currencies.

Mr. Poku was speaking at the opening of a training workshop held in Accra on Wednesday, to sensitise personnel of the security agencies on the security features of the new currency.

He said "the new currency has become a major target of syndicates. If we are not careful, such bad practices can weaken the economy."

To address the problem, he said it would be necessary for the security services to coordinate their strategies and develop effective ways of monitoring the redenomination exercise.

"Various syndicates are already working," he said, but gave the assurance that the national security network was up to the task.

He commended the redenomination exercise, saying it was a legitimate exercise which required the maximum support of the security agencies.

He urged the Bank of Ghana to upgrade the national security on the redenomination activities so that the transportation and distribution channels for the new currency could be effectively monitored.

The workshop was organised by the Central Bank, and attended by personnel from the Ghana Police, Immigration, Customs, Excise and Preventive Services, Armed Forces and the Bureau of National Investigations.

Van Lare Dosoo, Deputy Governor of the bank, stressed the need for security personnel to be educated on the features of the new currencies to enable them to protect the integrity of the currency.

Culled from Ghanaian Times