Coastal dwellers defacing Ghana cedi note – BoG

The Bank of Ghana (BoG) has indicted residents of coastal areas especially fisher folks as the worst handlers of the nation’s currency.

Bad handling of the Ghana cedi note is one of the central banks major challenges.

The bank is currently rolling out a campaign along the coastal areas to improve attitudes towards the handling of the local currency.

“Already a lot of it (cedi) is bad…when we receive money from fish markets a lot of people handle the money with wet hands and the smell of fish and all that and also from the market where they sell charcoal and oil,” the head of the currency management department at the BoG, Catherine Ashiley told Starr Business on the sidelines of a regional course on banknotes and currency management in Accra.

She added that the poor handling of the cedi note poses a threat to the fight against counterfeit currency.

“The counterfeiters will overtake you. When the note is bad you cannot tell the difference between a genuine note and a clean note.”

According to her, the Central Bank spends thousands of cedis every year in destroying bad notes.

“It’s very expensive…it costs money to print money and if the money is not good you have to take it out of circulation and spend more money to reprint it,” Ashiley added.