Take your damaged cedi notes to commercial banks for exchange — BoG directs public

The Bank of Ghana (BoG) has directed the public to surrender all damaged and mutilated cedi notes to commercial banks for examination and replacement.

In a press release, the Central Bank cautioned against taping, gluing, or rejoining torn banknotes to put them back into circulation.

It warned that improperly repaired currency could disrupt transactions, damage Automated Teller Machines (ATMs), and jam high-speed processing machinery used across the banking sector.

The BoG urged citizens to exercise care when handling local currency and to report individuals engaged in illegal banknote repairs or deliberate mutilation to security agencies.

Under the Bank of Ghana Act, 2002 (Act 612) and the Currency Act, 1964 (Act 242), tampering, altering, writing on, or defacing banknotes and coins constitutes a punishable offence.

Offenders convicted of currency defacement face legal action, including fines of up to 750 penalty units, imprisonment for up to three years, or both.

The Central Bank has stated that replacing mutilated and prematurely worn-out banknotes imposes significant administrative and operational costs on public funds.

The high cost of printing lower banknote denominations and replacing abused currency drains state resources that could otherwise support national development.

Treating the local currency with dignity minimises unnecessary re-printing expenses, safeguarding the durability and integrity of the cedi as a national symbol.

GNA