According to the Bank of Ghana, (BoG) trading of the Ghana Cedi notes and coins as a legal tender on online platforms by any person or institution is illegal, as it only has the right to issue and redeem the Cedi notes and coins
The Bank’s comment follows reports of trading of the Ghana Cedi notes
and coins currently in circulation as legal tender on online platforms.
The financial institution in a statement copied to Georgeweb.org indicated 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 is, therefore, illegal for any person or institution to buy or sell Ghana Cedi notes or coins currently in circulation, regardless of the purpose the intent for such trading”, it said in the statement
The Bank added that “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, in accordance with the Currency Act, 1964 (Act 242)
The Institution, therefore, entreats members of the general public and all person engaged in the activity of selling (online or otherwise) of Ghana Cedi notes or coins currently circulation to refrain from doing so immediately.
However, the Bank of Ghana (BoG) 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.