The Bank of Ghana (BoG), has cautioned the public against the practice of repairing and re-joining torn and soiled Ghana Cedi notes with adhesive tape for re-issuance as a business activity.
A statement issued by the Bank said the Ghana Cedi banknote is a legal tender and an important national symbol as such the practice undermine the integrity of the currency and may affect its acceptability and proper processing within the cash cycle.
It said, “The Ghana Cedi banknote is legal tender and an important national symbol. No person should engage in the repair, re-joining or other alteration of mutilated banknotes for re-issuance or recirculation. Such notes may damage ATMs and currency processing machines and may be rejected when presented for payment or exchange, potentially resulting in financial loss to members of the public”.
It said the Bank of Ghana has the sole mandate for the management of the country’s currency as all mutilated banknotes should be presented to a commercial bank for examination and replacement in accordance with the Bank’s laid-down procedures. Stating that where a mutilated banknote is presented for examination, more than half of the original banknote should be presented.
“Do not tape, glue, staple, re-join or otherwise attempt to repair damaged banknotes for re-issuance or recirculation. Members of the public are advised to take all mutilated or damaged banknotes to a commercial bank for examination and replacement in accordance with the Bank of Ghana’s laid-down procedures,” it stated.
The Central Bank further encouraged the public to handle the Cedi banknotes with care and also report people engaged in the improper repair, re-joining or mutilation of banknotes to the Bank of Ghana or the appropriate law enforcement authorities.
By Ebenezer K. Amponsah