The trading of the Ghana Cedi notes and coins which is currently in circulation as a legal tender by individuals and institutions is illegal, according to a communique issued by the Bank of Ghana on September 29, 2020.
The Bank of Ghana indicated in the statement that it has come to its notice that some online platforms have been trading the Ghana Cedi notes and coins which is currently in circulation as a legal tender for daily transactions, and this is illegal and must be prohibited.
“The Bank’s attention has been drawn to the trading of Ghana Cedi notes and coins currently in circulation as legal tender on online platforms”.
The Bank of Ghana further added that it is the only institution that has the mandate to buy or sell Ghana Cedi notes and coins and as such it is illegal for any person or establishment to engage in the sale or purchase of Ghana cedis notes and coins irrespective of the purpose or intent for that transaction.
“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”.
Again, the Bank of Ghana said that persons or institutions who are found culpable for engaging in such illegitimate acts commits an offence and will be sanctioned accordingly”.
“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 offence 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”.
The Bank of Ghana further gave a word of caution to the general public that all forms of trading whether online or otherwise of the Ghana Cedi notes or coins currently in circulation is highly prohibited and as such all individuals and entities engaged in such an unlawful trade should desist with immediate effect to avoid penalties.
The Bank of Ghana, however, made it clear that persons who engage in money exchange for the purpose of making some denominations available to others who need them are exempted, and as such this notice is not applicable in such instances.
“However, this notice is not applicable to persons who engage in money exchange for the purpose of making some denominations available to others who need them”.
Finally, the general public was encouraged to adhere to the notice and be guided accordingly.
