BoG working on new law to tackle currency counterfeiting, abuse of banknotes – Governor

The Bank of Ghana is working with stakeholders to develop a new Currency Act to modernise the legal framework governing the country’s currency and strengthen measures against counterfeiting and the abuse of banknotes and coins.

Governor Dr. Johnson Pandit Asiama disclosed this at the launch of the Ghana Cedi Heritage Series at Bank Square in Accra on Thursday, November 12, 2026.

He said the existing Currency Act, 1964 (Act 242), was enacted in a different era and required updating to address current currency management challenges.

The proposed legislation is expected to strengthen provisions against counterfeiting, introduce penalties proportionate to the seriousness of offences and establish clearer procedures for dealing with counterfeit notes.

It will also provide a firmer legal basis for tackling the mutilation and misuse of banknotes and coins.

“Our currency has for many decades been governed by the Currency Act, 1964 (Act 242), that was enacted in a very different era. The Bank is therefore working with stakeholders on a new Currency Act that will consolidate and modernise the law governing our currency,” Dr. Asiama said.

He added that the proposed law would set out clear procedures for detecting, surrendering, authenticating and destroying counterfeit notes.

The Governor stressed that protecting the national currency required more than improved banknote security features, describing it as a shared responsibility between the Bank and the public.

“Indeed, safeguarding the cedi is a shared national responsibility. While the Bank of Ghana has the institutional responsibility to issue and manage the currency, its integrity also depends on how it is handled, accepted, and used throughout the country,” he said.

As part of the effort to improve public understanding of the currency, the Bank will also embark on a nationwide education campaign across all regions and in major local languages.

The campaign will focus on helping Ghanaians identify genuine banknotes, understand the security features of the new Heritage Series and handle currency responsibly.

Dr. Asiama urged the public to desist from deliberately mutilating, defacing or misusing banknotes and coins, describing the cedi as a national asset and a symbol of Ghana’s sovereignty.

The proposed legal reforms come alongside the introduction of the upgraded Cedi Heritage Series, which features enhanced security features and is expected to enter circulation on December 1, 2026.