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

The Bank of Ghana (BoG) has issued a warning against the public repairing and rejoining damaged Ghana Cedi banknotes as a business activity. The advice comes after a video was shared on social media showing people using adhesive tape to fix torn or dirty notes before putting them back into circulation. The central bank described this behavior as improper and emphasized that the Ghana Cedi is the country's legal currency and a vital national symbol that must maintain its integrity.

The BoG stated that no individual should attempt to tape, glue, staple, or re-join ripped banknotes for reuse or reintroduction into circulation. They warned that such actions could compromise the currency's reliability and hamper its proper functioning in the cash cycle. Additionally, the BoG cautioned that improperly mended notes are deemed unsuitable for circulation and could damage ATMs and other currency-processing equipment.

Furthermore, these notes might be rejected if used for transactions, leading to financial losses for the public. The BoG emphasized that it is the only authority responsible for managing Ghana's currency and advised anyone holding a torn or damaged banknote to take it to a commercial bank for assessment and possible replacement through the central bank's approved procedures.

The bank stressed that any individual presenting a damaged note for examination must provide more than half of the original note. The BoG urged the public not to try repairing damaged notes before going to a bank and encouraged people to handle Ghana Cedi banknotes with care. They also asked the public to report anyone involved in improperly repairing, re-joining, or damaging banknotes to the Bank of Ghana or relevant law enforcement agencies.