BoG Warns Against Taping, Glueing Damaged Cedi Notes for Resale
The Bank of Ghana (BoG) has cautioned the public against the practice of repairing and re-joining torn or soiled Ghana Cedi banknotes with adhesive tape for re-issuance or recirculation.
The warning follows the circulation of a video on social media showing individuals repairing damaged banknotes as a business activity.
According to the central bank, the practice undermines the integrity of the Ghana Cedi and could affect the acceptability and proper processing of banknotes within the cash cycle.
The BoG stressed that the Ghana Cedi banknote is legal tender and an important national symbol, warning that no individual should engage in the repair, re-joining or alteration of mutilated banknotes for re-issuance.
It said banknotes that have been taped, glued, stapled or otherwise improperly repaired are considered unfit for circulation.
Such notes, the BoG explained, could damage automated teller machines (ATMs) and currency-processing machines and may also be rejected when presented for payment or exchange.
This, it warned, could result in financial losses for members of the public who receive or hold such notes.
The Bank of Ghana reiterated that it has the sole mandate for the management of Ghana’s currency and urged members of the public to take damaged or mutilated banknotes to commercial banks for examination and possible replacement in line with established procedures.
The central bank noted that when a mutilated banknote is presented for examination, more than half of the original banknote must be presented.
The BoG further advised the public not to tape, glue, staple, re-join or otherwise attempt to repair damaged banknotes for re-issuance or recirculation.
It encouraged the public to handle Ghana Cedi banknotes with care and report persons involved in the improper repair, re-joining or mutilation of banknotes to the Bank of Ghana or the appropriate law enforcement authorities.
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