BoG prepares new Currency Act to tackle cedi counterfeiting and abuse

The Bank of Ghana (BoG) is working with stakeholders on a new Currency Act to deter counterfeiting and impose proportionate penalties, Governor Dr Johnson Asiama said.

He said the proposed legislation would complement the security features of the upgraded Heritage Series banknotes with a modern legal framework.

“It will set out clear procedures for detecting, surrendering, authenticating, and destroying counterfeit notes, and give firmer legal backing to the fight against the mutilation and abuse of our banknotes and coins,” he said.

Dr Asiama expressed confidence that the legislation would strengthen protection for both the currency and the public.

“In this way, the security built into the Heritage Series will be matched by laws that protect the currency and those who use it,” he said.

The Governor stressed that safeguarding the cedi was a shared national responsibility. Although the central bank issues and manages the currency, he said its integrity also depends on how people handle, accept, and use it.

To support this effort, the Bank of Ghana will run a nationwide public education campaign across all regions, using major local languages.

The campaign will help Ghanaians recognise the Heritage Series' security features and distinguish genuine banknotes from counterfeits.

“We aim to equip the public with the knowledge needed to identify genuine banknotes, handle currency responsibly and appreciate the national heritage reflected in the series,” Dr Asiama said.