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Bank of Ghana cautions against online trading of Ghana Cedi notes and coins

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The Bank of Ghana has cautioned against the buying or selling of Ghana Cedi notes and coins currently in circulation as legal tender on online platforms.

The Bank says it is the only institution with the right to issue and redeem Ghana Cedi notes and coins in Ghana, according to Article 183 (1) of the 1992 Constitution, and section 35 of the Bank of Ghana Act, 2002 (Act 612) as amended.

The Bank describes as illegal, the buying or selling of the Ghana Cedi notes or coins by any person or institution, regardless of the purpose or intent for such trading.

It says any person who buys or sells or offers or attempts to buy or sell any local currency at or for a lower rate than its face value or for an amount exceeding the face value, commits an offence and would be liable upon summary conviction to a term of imprisonment not exceeding ten (10) years, or to a fine not exceeding two thousand (2000) penalty units or both, in accordance with the Currency Act, 1964 (Act 242) as amended.

The Central Bank however says persons who engage in money exchange for the purpose of making some denominations available to others who need them are not affected by the new notice.

Source: citibusinessnews.com

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