Bank of Ghana warns against illegal online trading of cedis

Be cautious of illegal online trading of Ghana cedi notes and coins currently in circulation, the Bank of Ghana has warned.

The central bank says it is the only body mandated to issue and redeem Ghana Cedi notes and coins in Ghana.

The Bank describes as illegal, the buying or selling of the Ghana Cedi notes or coins by any person or institution, regardless of the purpose or intent for such trading.

“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.”

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.

An individual would be liable on 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, BoG stated.

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.