The Bank of Ghana has warned the general public to stop using cedi banknotes as bouquets and hampers when gifting people.
According to the Central Bank, the currency was issued to be used as a medium of exchange for the purchase of goods and services.
The Director of the Currency Department at the Central bank, Mr. Dominic Owusu, revealed that any other use of the currency was illegal and subject to prosecution. He explained that the bank had noticed that some people were using the cedi notes as bouquets and hampers as gifts during weddings, birthdays and other celebrations, a practice, he noted, must be stopped.
“In recent times, you see people using the currency for bouquets and then sometimes when they want to do presentations, they use the currency to do designs in baskets, hampers. It is against the Bank of Ghana policy.”
Dominic Owusu
Mr Owusu iterated that the cedi issued by the central bank is legal tender and it is only meant to be used as a medium of exchange, not as gifts and bouquets. He asserted that when the currency is used for other purposes, it is defaced, and such acts harm the central bank’s operations.
“Currency Act 64 talks about using coins which for now, are banknotes for things, [not] other than the purpose for which the currency act was issued. Desist from such acts, it is not in line with the policy, so you must stop it. If you want to give a present, go and buy gifts. Don’t go and buy bouquets and do it.”
Dominic Owusu
BoG denies printing GHC500 coin
Meanwhile, the Bank of Ghana (BoG) has debunked reports of issuing GHC500 coin, insisting it has no immediate plans of issuing higher denomination for circulation. Dominic Owusu stated that the reports are false.
Mr Owusu pointed out that the BoG will always embark on an extensive public and media education before it introduces new notes or coins into circulation.
“When there is a currency issuance or change, the Bank of Ghana will come with an appropriate press release to inform the public. We saw on social media that the central bank will issue a GHC500 note or coin, but the bank has not done any such thing. So, it’s not true.”
Dominic Owusu
Mr Owusu explained that the introduction of a new currency or withdrawal of same is an important exercise that is always thoroughly planned by the Bank of Ghana before executed. This, he noted, enables the public to understand the value and usage of such currencies.
To this end, he urged the public to disregard social media information that suggests that the Bank of Ghana is introducing new currencies without official statement from the bank.
Commenting on reports that the one pesewas coin is no longer a legal tender and it’s out of circulation, Mr. Owusu maintained that the coin should be used for transactions and must be accepted by customers. He emphasized that the Bank of Ghana remains committed to embarking on various sensitization programmes to educate Ghanaians on how the currency can be handled.
“That’s why we are here. So, help us to circulate that information that those coins are still legal tender and must be used for transactions. The central bank has not demonetized the one pesewa coin. We want the education out there for people to learn how to handle the cedi not to worn out. That’s why you journalists are here and I want you to help the central bank in that quest. The bank is also doing its part and will make sure all is done to save the cedi.”
Dominic Owusu
