Bank of Ghana prepares law to tackle cedi counterfeiting
By the AFREEQUE newsroom, based on 3News
The Bank of Ghana is preparing a new currency law to replace the 1964 legislation, with tougher penalties for counterfeiting and a framework to detect and destroy fake notes, Governor Johnson Pandit Asiama announced. The bill, which would also better protect the cedi against mutilation, has no timetable yet for submission to Parliament, according to 3News.
The Bank of Ghana is preparing a new currency law to replace the 1964 Currency Act, with tougher sanctions for counterfeiting the cedi, its governor Johnson Pandit Asiama announced on Thursday in Accra. The bill would also modernise the rules governing Ghana’s currency, according to the governor.
The legislation provides for procedures to detect, surrender, authenticate and destroy counterfeit notes, as well as a strengthened legal framework against the mutilation and misuse of banknotes and coins. No timetable has been announced for submitting the bill to Parliament.
The Bank of Ghana is also preparing a national information campaign on the security features of the new banknotes, in all regions of the country and in the main local languages. The new series of banknotes is due to enter circulation on 1 December and will circulate alongside the current notes, which will remain legal tender.
