The Bank of Ghana (BoG) has cautioned the public against repairing, taping or rejoining torn and soiled Ghana cedi banknotes for re-issuance or recirculation.
The warning follows the circulation of a video on social media showing individuals allegedly repairing damaged cedi notes as a business activity.
According to the central bank, the practice could undermine the integrity of the Ghana cedi and interfere with the proper processing and circulation of banknotes within Ghana’s cash management system.
The Bank of Ghana stressed that the Ghana cedi banknote is legal tender and an important national symbol, warning members of the public not to repair, alter or rejoin mutilated banknotes for the purpose of putting them back into circulation.
Taped and Glued Cedi Notes May Be Rejected
The BoG explained that banknotes that have been taped, glued, stapled or improperly repaired may be considered unfit for circulation.
Such damaged currency could also cause problems for ATMs and currency-processing machines, potentially leading to machine damage and additional costs.
The central bank further warned that improperly repaired banknotes may be rejected when presented for payment or exchange, which could result in financial losses for members of the public.
BoG Explains How to Replace Damaged Cedi Notes
The Bank of Ghana said it has the sole mandate for the management and issuance of Ghana’s currency.
Members of the public who have torn, damaged or mutilated cedi notes have therefore been advised to take them to a commercial bank for examination and possible replacement in line with the BoG’s established procedures.
For a mutilated banknote to be considered for examination, the BoG said more than half of the original banknote should be presented.
The public is also encouraged to handle Ghana cedi notes carefully and avoid practices that could damage the currency.
Public Urged to Report Improper Currency Repairs
The Bank of Ghana has called on members of the public to report individuals or businesses involved in the improper repair, rejoining or mutilation of Ghana cedi banknotes.
Reports can be made to the Bank of Ghana or the appropriate law enforcement authorities for further action.
The central bank’s latest warning is aimed at protecting the quality and integrity of Ghana’s currency while ensuring that the country’s cash circulation system operates efficiently.
The Bank of Ghana’s message remains clear: Ghana cedi banknotes should be handled with care and damaged notes should be taken to authorised financial institutions for proper examination and replacement.
Respect the Cedi. It is our national pride.
Source: newsthemegh.com