Bank of Ghana warns public to stop selling cedi notes and coins

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Governor of Bank of Ghana, Dr. Ernest Addison.

The Bank of Ghana(BoG) has cautioned individuals and businesses selling the Ghana cedi and coins to desist from the act or face the law.

According to the central bank, it is illegal for any person or institution to buy or sell the Ghana Cedi notes or coins currently in circulation, regardless of the purpose for such trading.

It added that the BoG is the only institution with the right to issue and redeem Ghana Cedi notes and coins in the country.

“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” a statement issued by the BoG said.

The BoG said it was compelled to issue the warning after the bank’s attention was drawn to the trading of Ghana Cedi notes and coins on online platforms.

The statement, however, clarified that persons who engage in money exchange for the purpose of making some denominations available to others who need them are exempted.

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