Fake Cedi Notes Circulating In Rural Areas

Cocoa farmers in the Birim North District towns of Chia, Tachiman and Akokoaso who went to receive payment for their produce were shocked when large portions of money paid to them turned out to be fake 20,000 cedi notes.

In a statement to Parliament today, the NPP Member for Birim North, Dr W. B. Akoto (of SIL fame) disclosed that about 10 million cedis of the amount turned out to be counterfeit notes.

Dr Akoto said the farmers were attracted to the twenty thousand cedi notes because it was the first time they were setting eyes on the currency.

Their joy of possessing the new currency was however short lived when a shopkeeper drew the attention of the authorities to the counterfeit money. The MP said when he went to the Ofoase Police station he saw one million cedis of fake 20,000 cedi notes that have so far been recovered by the police.

''It is estimated that at least 10 million cedis of such fake bills might have been paid to the farmers. But since most farmers do not go on a spending spree, but rather choose to put the monies away under their beds, many may be sleeping on such bad notes'' Dr Akoto noted.


He explained that the main difference between the genuine and counterfeit note is in the silver hologram and ''can deceive many a discerning eye and pass for a genuine one''.


The main suspect, who is alleged to be a cocoa purchasing clerk, is on the run. Dr Akoto is however not pleased with the delay in investigations because the farmers have had to manage, since the incident occurred two weeks ago.

He is also not happy that most rural dwellers have not set eye on the new notes months after its introduction and urged the National Commission for Civic Education (NCCE) to live up to expectation. ''I think as a matter of urgency, the NCCE, Non-formal Education Department and the Bank of Ghana should come up with a program to go into rural Ghana to teach the people the difference between a fake currency and a genuine one''.


A couple of months ago, the NDC MP for Gomoa West, Ama Benyiwa Doe raised the issue of counterfeits and received an invitation from the Police Criminal Investigations Department.


With the issue now brought before Parliament, Mrs Benyiwa Doe wants the Governor of the Bank of Ghana and government to explain why fake currencies are in circulation after all security precautions and huge amounts involved in the printing of the ten and twenty thousand cedi denominations.