The security agencies have identified a syndicate trying to print counterfeit of the new currencies that come into circulation on July 1, says Mr Francis Poku, Minister of National Security.

He said: "We are monitoring their activities and security personnel at the various entry points are vigilant."

He was speaking at a trainer of trainers workshop organised by the Bank of Ghana for the security agencies in Accra to educate security personnel on the use and features of the new currencies to enable them to detect fake ones easily and apprehend perpetrators.

Mr. Poku noted that the preoccupation of criminals was how to fake the new currency and praised the Bank of Ghana for following regulatory requirements in introducing the new currency.

The workshop is being attended by the Police, Immigration, Customs, Exercise and Preventive Service (CEPS), Armed Forces and the Bureau of National Investigations (BNI).

Mr. Poku urged the BoG to collaborate with the security agencies at all levels by providing them with the necessary information to ensure a smooth transition period.

Mr. Alex Bernasko, Chairman of the Re-denomination Steering Committee of BOG, said there would be no time limit for the exchange of the new currency after the parallel circulation of old and new currencies in six months.

“After 2008, the old currency cannot be used for any form of transaction but can be changed at any time for the new one," he said

He said the unbridled time for the exchange was to allay fears that after sometime the old currency would not be changed.

He assured the public, especially individuals domiciled abroad that they could change their old currency into the new one any time they were ready for transaction.

Mr. Bernasko urged the business community to continue with dual pricing to make it easier for transactions and avoid opportunistic pricing and rip-offs.

Source: GNA