The Bank of Ghana is warning consumers and the general public to be wary of an online trading of Ghana cedi notes and coins currently in circulation.
According to the Central Bank, 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.
The regulator is also cautioning persons engaged in the activity of selling (online or otherwise) of Ghana Cedi notes or coins currently in circulation, adding, they must desist from doing so immediately, or prohibited from further engaging in such trades, with immediate effect.
In a statement, the Central Bank further said 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.
He or she would be liable upon summary conviction to a term of imprisonment not exceeding 10 years, or to a fine not exceeding 2000 penalty units or both, in accordance with the Currency Act, 1964 (Act 242) as amended.
“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 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.”
It however said the notice is not applicable to persons who engage in money exchange for the purpose of making some denominations available to others who need them.
The general public was advised is to take note and be guided accordingly.