The Bank of Ghana (BoG) has issued a warning to the public against repairing and rejoining torn or damaged Ghana cedi banknotes with adhesive tape for re-issuance or recirculation. This warning follows a video circulating on social media showing individuals repairing and rejoining torn and soiled cedi notes as a business activity. The central bank stressed that such practices undermine the integrity of the currency.
The BoG stated that improperly repaired notes could damage ATMs and currency processing machines and may be rejected when presented for payment or exchange. The bank noted that banknotes that have been taped, glued, stapled, or otherwise improperly repaired are unfit for circulation. This warning is aimed at maintaining the integrity and acceptability of the Ghana cedi.
The Ghana cedi is legal tender and an important national symbol, and the BoG has the sole mandate for the management of the country’s currency. The bank advised members of the public not to tape, glue, staple, rejoin, or otherwise attempt to repair damaged banknotes. Instead, mutilated or damaged notes should be taken to a commercial bank for examination and replacement.
When a mutilated banknote is presented for examination, more than half of the original banknote should be available. The BoG also urged the public to handle cedi banknotes with care and report persons involved in the improper repair, rejoining, or mutilation of banknotes to the central bank or the appropriate law enforcement authorities.
The warning comes amid growing circulation of damaged notes and attempts to restore them for use, with the BoG stressing that improperly repaired currency can create problems for both financial institutions and members of the public. The bank urged the public to use the formal process for replacing damaged banknotes rather than attempting to put them back into circulation themselves.
The BoG’s warning is aimed at preventing the circulation of damaged and improperly repaired currency, which can cause problems for the financial system. The bank’s efforts are focused on maintaining the integrity and stability of the Ghana cedi. Members of the public are encouraged to report any instances of improper repair or mutilation of banknotes.
The Bank of Ghana will continue to monitor the situation and take measures to prevent the circulation of damaged and improperly repaired currency. The public is advised to take necessary precautions when handling cedi banknotes and to report any damaged notes to commercial banks for replacement.
Key points
- The Bank of Ghana warns against repairing damaged cedi notes with tape, glue, or staples.
- Improperly repaired notes can damage ATMs and currency processing machines.
- Damaged notes should be taken to commercial banks for examination and replacement.
