Bank of Ghana warns of liability for defacing the cedi
The Bank of Ghana has issued a stern warning against the defacement of national currency, including practices like spraying money at events or creating money bouquets. Violators face potential detention, fines, or imprisonment as the bank seeks to protect the integrity of the cedi.
Why it matters
This policy aims to reduce the costs associated with replacing damaged currency and maintain the functional quality of the national money supply.
--> The Bank of Ghana has warned citizens of liability for improper and unlawful handling of cedi banknotes and coins. Violators may face detention, prosecution, fines or imprisonment.
As MyJoyOnline reports , the central bank is concerned about spraying money at events, throwing banknotes on the ground, stepping on currency or dancing on it. The regulator also warned against making money bouquets, decorations and other decorative items from banknotes.
The Bank of Ghana stated that creating money bouquets for weddings, birthdays, graduations and other celebrations constitutes improper use of the national currency and a violation of the law. According to the institution, such practices harm the quality, integrity, functionality and image of the national currency.
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