By law, the Bank of Ghana (BoG) is the sole authority mandated to issue and redeem currency, according to Section 35 of the Bank of Ghana Act (2002), Act 612.
Mr. Dominic Owusu, Head of the Currency Management Department at the Bank, emphasized this in an educational video produced by the Communications Department of the central bank. He stated that one of BoG's primary objectives is to protect and ensure the integrity, confidence, and trust in the currency for economic transactions.
Mr. Owusu noted that it takes a year to procure banknotes for economic transactions, urging Ghanaians to keep their notes clean.
He explained that banknotes are not printed in Ghana but are produced abroad and distributed under strict security across the country. Once the money reaches the Bank of Ghana branches and agencies, commercial banks withdraw these funds and make them available to the public.
He further indicated that when banknotes are dirty, counterfeiters find it easier to introduce fake notes into the system.
He thus reiterated the importance of keeping the notes neat, adding that clean notes aid in the interception of counterfeit currency, thereby ensuring the integrity of economic transactions.
- BoG prioritises inflation control despite financial losses
- 30% reduction in inflation results in a cost of GH¢8.3bn on BoG's open market operations
- Regulators must stay ahead of the curve in financial market innovations – BoG Governor
- Mahama Ayariga poses 6 pertinent questions to BoG Governor over bank's debts, multi-million-dollar residence, others
- BoG explains inflation and its impact on the well being of citizens
- Read all related articles
