DESIST FROM SELLING THE GHANA CEDIS

Story by Michael Kenetey


DESIST FROM SELLING THE GHANA CEDIS.

The Bank of Ghana (BoG) has warned businesses and the general public to desist from selling Ghana's currency, the cedi and pesewa coins or face prosecution.

 It said such an act is illegal and punishable by summary conviction to a term of imprisonment up to 10 years or a fine not exceeding two thousand penalty units or both. 

Dr. Ernest Addison, Governor of BoG.


In a public notice issued in Accra, the Central Bank said any trading of the currency regardless of the purpose is criminal and, therefore, prohibited. In the notice signed by the Secretary to the bank, Sandra Thompson, the bank said the warning applies to persons trading the currency online or otherwise.



 A source at the central bank said the bank is concerned about persons who sell the currency to commercial vehicle operators, especially Trotro and other persons in need of lower denominations. 



It said the public notice was necessitated after its attention was drawn to the trading of Ghana cedi notes and coins currently in circulation as legal tender on online platforms.



 The Bank reminds 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. 

Source : GBC Sunrise 

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