‘Take damaged banknotes to commercial banks for replacement’ – BoG warns against repairing cedi notes for resale

The Bank of Ghana (BoG) has issued a stern warning to the public against attempting to repair or rejoin damaged Ghana Cedi banknotes for resale or re-circulation. This warning came after a video surfaced on social media depicting individuals using adhesive tape to mend torn or soiled notes before reintroducing them back into circulation. The central bank emphasized that the Ghana Cedi is both legal tender and a crucial national symbol, whose integrity must be safeguarded at all costs.

The BoG explicitly stated that individuals should refrain from taping, gluing, stapling, or otherwise altering mutilated banknotes to make them usable again. They warned that such practices could compromise the currency's integrity and hinder its proper processing within the cash cycle. Improperly repaired notes are deemed unsuitable for circulation and have the potential to damage ATMs and other currency-processing machines.

Furthermore, these notes might be rejected when presented for payment or exchange, which could lead to financial losses for the public.

According to the Bank of Ghana, it holds the exclusive authority to oversee the nation's currency. They urged anyone possessing a torn or mutilated banknote to bring it to a commercial bank for evaluation and potential replacement through the central bank's prescribed procedures. The BoG stressed that anyone presenting a mutilated note for assessment must provide more than half of the original note.

They strongly advised the public against attempting to repair damaged notes on their own before approaching a bank. Additionally, they encouraged the public to handle Ghana Cedi banknotes with care and to report any individuals involved in the improper repair, re-joining, or mutilation of banknotes to the Bank of Ghana or the relevant law enforcement agencies.