BoG warns against repairing torn cedi notes for resale

The Bank of Ghana (BoG) has cautioned the public against repairing torn and soiled cedi banknotes with adhesive tape for resale or recirculation, warning that the practice undermines the integrity of the country’s currency.

The warning follows the circulation of a social media video showing individuals taping and rejoining damaged banknotes as a business activity.

In a statement, the central bank said damaged notes that have been taped, glued, stapled or otherwise improperly repaired are unfit for circulation.

According to the BoG, such notes could damage automated teller machines (ATMs) and currency-processing equipment, while also being rejected when presented for payment or exchange, potentially causing financial losses to the public.

“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,” the statement said.

The central bank stressed that it has the sole mandate for managing Ghana’s currency and urged the public to follow the approved procedures for handling damaged notes.

It advised anyone holding torn or mutilated banknotes to present them to a commercial bank for examination and possible replacement.

The BoG further stated that more than half of the original banknote must be presented when a damaged note is submitted for examination.

It also encouraged the public to handle cedi notes carefully and report individuals involved in the improper repair or mutilation of banknotes to the central bank or the appropriate law enforcement authorities.

“Respect the Cedi. It is our national pride,” the statement added.