BoG prepares new Currency Act to tackle cedi counterfeiting and abuse

The Bank of Ghana (BoG) is collaborating with key stakeholders on a new Currency Act aimed at curbing counterfeiting and imposing appropriate penalties, stated Governor Dr Johnson Asiama. The proposed legislation would serve as a strong complement to the enhanced security features of the newly introduced Heritage Series banknotes, providing a robust legal framework.

According to Dr Asiama, the new law would establish clear procedures for identifying, surrendering, verifying, and disposing of counterfeit notes, as well as provide firmer legal backing to combat the mutilation and abuse of Ghanaian banknotes and coins. The governor expressed confidence that the legislation would bolster protection for both the monetary system and the general public.

"In this way, the security built into the Heritage Series will be matched by laws that protect the currency and those who utilize it," he said. Dr Asiama emphasized that preserving the cedi is a collective national responsibility. While the BoG issues and manages the currency, its integrity also 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 will empower Ghanaians to recognize the security features of the Heritage Series and differentiate genuine banknotes from counterfeit ones. "We aim to equip the public with the knowledge required to identify genuine banknotes, handle currency responsibly, and appreciate the national heritage depicted in the series," Dr Asiama concluded.