Bank of Ghana warns against improper repair and re-circulation of damaged cedi notes
Central bank says improperly repaired notes could damage cash-processing machines, be rejected for payment and cause financial losses.
The Bank of Ghana (BoG) has cautioned the public against repairing, re-joining and re-circulating torn or mutilated Ghana cedi banknotes using adhesive tape, glue, staples or other materials.
The warning follows the circulation of a video on social media showing individuals repairing torn and soiled cedi notes with adhesive tape for re-issuance as a business activity.
In a press release dated October 7, the Bank of Ghana described the practice as improper, warning that it could undermine the integrity of the national currency and affect its acceptability and proper processing within the cash cycle.
The central bank said banknotes that have been taped, glued, stapled or otherwise improperly repaired are unfit for circulation and could damage Automated Teller Machines (ATMs) and currency-processing machines.
It further warned that such notes could be rejected when presented for payment or exchange, potentially resulting in financial losses to members of the public.
According to the Bank of Ghana, it has the sole mandate for the management of Ghana’s currency, and members of the public who possess mutilated banknotes should present them to a commercial bank for examination and replacement in accordance with established procedures.
The Bank said that when a mutilated banknote is presented for examination, more than half of the original banknote should be available.
The central bank has therefore advised the public not to tape, glue, staple, re-join or otherwise attempt to repair damaged banknotes for re-issuance or recirculation.
It also encouraged the public to report persons engaged in the improper repair, re-joining or mutilation of banknotes to the Bank of Ghana or the appropriate law enforcement authorities.
The Bank of Ghana urged the public to handle Ghana cedi banknotes with care, stressing that the currency is both legal tender and an important national symbol.
Mike 105.3FM | Navrongo | David Adapuna
