Sunday, 06 September

Currency misuse: BoG warns against money spraying, money bouquets

Business
Money bouquet

The Bank of Ghana (BoG) has warned the public against spraying money at events, a practice common at weddings, funerals and other grand ceremonies in Ghana, as well as the growing trend of making bouquets from cedi notes, cautioning that both constitute a misuse of the national currency and could attract arrest, prosecution, fines or imprisonment.

The warning was issued alongside concerns about related practices, including scattering notes on the ground, stepping or dancing on currency, and using banknotes to create jewellery and other decorations.

In a notice, the central bank said such practices undermine the quality, integrity, functionality and image of the Ghana cedi.

The BoG specifically flagged the growing trend of creating money bouquets for weddings, birthdays, graduations and similar occasions as improper use of the currency and a violation of the law.

Beyond spraying and bouquets, the Bank also listed other prohibited acts: tearing, crumpling, staining, soiling, writing on, cutting or otherwise defacing banknotes and coins. It further warned against using images of Ghanaian banknotes or coins without its permission, and buying or selling coins for amounts exceeding their face value.

According to the central bank, currency notes and coins are intended exclusively to serve as legal tender and should not be tampered with, mutilated or defaced. The bank said it spends substantial resources on printing and minting currency, and called on the public to help preserve its integrity and functionality.

The BoG disclosed that it has initiated measures, in collaboration with state law enforcement agencies, to deal decisively with persons found engaging in prohibited acts. It said law enforcement agencies will monitor the use of currency notes and coins and take appropriate action, including the arrest and prosecution of individuals who misuse, abuse or improperly handle money.

"The public is strongly advised to desist from all forms of currency misuse," the Bank said, urging individuals, businesses and institutions to handle the national currency responsibly and report any breaches to the appropriate authorities.

 

Source: classfmonline.com