Stop Selling Ghana Cedi Or Risk Being Prosecuted- Bank Of Ghana

Information reaching Wakeupafrica360 from our correspondent in Ghana has it that the Bank of Ghana (BoG) has warned businesses and the general public to desist from the sale of Ghana’s currency, the Cedi and Pesewa coins or face prosecution. This is because such an act is illegal and punishable by summary conviction to a term of 10 years imprisonment or a fine not exceeding 2,000 penalty units or both. This development was made know in a public notice issued by the Central Bank of Ghana on Thursday where it said that any trading of the currency regardless of the purpose is criminal and therefore prohibited. The public notice was signed by the Secretary to the bank, Ms. Sandra Thompson and the warnings issued in the notice applies to persons trading the currency online or otherwise. This came as a result of the bank’s concern about various individuals who sold the currency to commercial vehicle operators known as Trotro and other persons in need of lower denominations. The public notice came after the attention of the Central Bank of Ghana was drawn to the trading of Ghana Cedi noted and coins currently in circulation as legal tender on online platforms.

Photo of the Central Bank of Ghana Complex

According to the public notice, it reads as follows, “The Bank of Ghana wishes to inform and remind the general public, that 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 offense 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.”

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