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It is illegal to buy or sell cedi note or coins – BoG

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The  Bank of Ghana (BOG) has warned that it is illegal for any person or institution to buy or sell Ghana Cedi notes or coins currently in circulation, regardless of the purpose or intent for such trading.

A statement issued in Accra by the Bank’s Secretary, Sandra Thompson said the Central Bank remains the only institution with the right to issue and redeem Ghana Cedi notes and coins in Ghana, according to Article 183 (1) of the 1992 Constitution and section 35 of the Bank of Ghana Act, 2002 (Act 612).

It said any person, who bought or sold or attempted to buy or sell any Ghana Cedi note or coin at or for a lower rate than its face value or for an amount exceeding the face value, commits an offence.

The statement said perpetrators will be liable upon summary conviction to a term of imprisonment not exceeding 10 years, or to a fine not exceeding 2000 penalty units or both, in accordance with the Currency Act, 1964 (Act 242).

The Central Bank, is therefore asking the public or any person engaged in selling Ghana Cedi notes or coins currently in circulation, to desist from the act immediately.

The statement however said, the notice is not applicable to persons, who engaged in money exchange for the purpose of making some denominations available to others who needed them.

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