The Bank of Ghana, in collaboration with the Ghana Police Service, has arrested seven women in Accra for allegedly misusing Ghana cedi banknotes. They were found making money bouquets and cakes for commercial purposes, prompting the central bank to take enforcement action. This move aims to curb the misuse and abuse of Ghana cedi notes and coins. The arrests were made at different locations in Accra.
According to Dinah Bonzi, Head of the Statistics Office at the BoG’s Currency Management Department, the exercise seeks to discourage individuals and businesses from using banknotes in ways that could damage or undermine the currency's integrity. The practice of using cedi notes for such purposes constitutes an unlawful use of the currency. Bonzi emphasized that the Ghana cedi is a legal tender that must be treated with respect.
The seven women were arrested after being found allegedly using cedi notes to produce money bouquets and cakes for sale. The items were intended for weddings, birthdays, graduations, and other occasions. Bonzi warned that the BoG would take action against not only those directly involved but also people who aid, promote, or facilitate the practice. This move is part of the central bank's efforts to enforce regulations and protect the currency.
Bonzi stated that the seven suspects would be processed for prosecution, with possible sanctions including fines or imprisonment. The applicable law will determine the specific sanctions. The BoG has previously cautioned the public against practices such as spraying money at social events, making decorations from banknotes, and deliberately altering or damaging them. These practices are considered abusive and can undermine the currency's integrity.
The BoG has been actively working to curb the misuse of the Ghana cedi. In addition to the recent arrests, the central bank has previously warned the public about the consequences of such actions. The latest arrests serve as a warning to the public to handle Ghana cedi notes and coins appropriately. The public is urged to respect the currency and avoid using it for decorative purposes.
The collaboration between the BoG and the Ghana Police Service aims to ensure that the currency is used lawfully. The two institutions will continue to work together to enforce regulations and prevent the misuse of the Ghana cedi. This move is expected to promote a culture of respect for the national currency and deter individuals and businesses from engaging in abusive practices.
The BoG's efforts to protect the Ghana cedi are ongoing. The central bank will continue to monitor the use of the currency and take action against those who misuse it. The public is encouraged to report any instances of currency abuse to the relevant authorities. By working together, it is possible to promote a culture of respect for the Ghana cedi and maintain its integrity.
Key points
- The Bank of Ghana has arrested seven women in Accra for using cedi notes to make money bouquets and cakes for commercial purposes.
- The arrests were made in collaboration with the Ghana Police Service as part of the central bank's enforcement efforts to curb the misuse and abuse of Ghana cedi notes and coins.
- The suspects face possible prosecution, fines, or imprisonment for their actions, which constitute an unlawful use of the currency.
