BoG prepares new Currency Act to tackle cedi counterfeiting and abuse

The Bank of Ghana is collaborating with stakeholders on a new Currency Act to combat counterfeiting and enforce appropriate penalties. Governor Dr Johnson Asiama revealed that the proposed legislation would serve as a modern legal framework to complement the enhanced security features of the upgraded Heritage Series banknotes. This act will outline precise methods for identifying, surrendering, authenticating, and disposing of counterfeit notes, and provide a stronger legal foundation for safeguarding the currency and preventing its mutilation and misuse.

Dr Asiama expressed confidence that the legislation would bolster protection for both the currency and the public. He emphasized that the security features in the Heritage Series would be matched by laws that protect the currency and its users. The governor stressed that safeguarding the cedi is a shared national responsibility.

While the central bank issues and manages the currency, its integrity relies on how individuals handle, accept, and use it. To facilitate this, the Bank of Ghana will launch a nationwide public education campaign across all regions, employing major local languages. The campaign aims to educate Ghanaians on recognizing the security features of the Heritage Series, distinguishing genuine banknotes from counterfeits, and appreciating the national heritage depicted in the series.