Rejecting Cedi Coins Is a Criminal Offence, BoG Warns Traders

The Bank of Ghana (BoG) has warned traders, transport operators, and businesses in Ghana that refusing to accept cedi coins as payment for goods and services is a criminal offence punishable by law. This comes as a public notice from the central bank, which has observed the “widespread and persistent refusal” by some individuals and businesses to accept certain denominations of cedi coins.

Background

The Bank of Ghana has issued a public notice cautioning individuals and businesses against rejecting cedi coins. The central bank has explained that all coins issued by the Bank remain legal tender and must be accepted for the settlement of debts and transactions nationwide. This includes 1, 5, 10, 20, and 50 pesewa coins, as well as GH¢1 and GH¢2 coins.

According to the BoG, refusing to accept cedi coins is an offence under the Currency Act, 1964 (Act 242). The bank stressed that no trader, transport operator, business entity, or individual has the discretion to reject the coins on grounds of inconvenience, low value, or personal preference.

What This Means

The Bank of Ghana’s warning is clear: refusing to accept cedi coins is a serious offence with severe consequences. Offenders, upon conviction, could face imprisonment of up to three years, a fine, or both. The BoG has also warned that anyone who encourages or instructs others to reject coins, including business owners who direct their staff to refuse them, commits the same offence and is liable to the same penalties.

The central bank has urged the public to stop rejecting cedi coins, warning that persistent offenders risk arrest, prosecution, fines, or imprisonment. It has also encouraged members of the public to report incidents of coin rejection to the nearest Bank of Ghana office, the Ghana Police Service, or through the bank’s official communication channels.

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What Happens Next

The Bank of Ghana has pledged to collaborate with the Ghana Police Service and other law enforcement agencies to ensure compliance with the law. It has also called on all individuals, businesses, and institutions to accept and handle Ghana’s currency in all its denominations responsibly and in accordance with the law.

The public notice from the Bank of Ghana is a clear warning to individuals and businesses in Ghana that rejecting cedi coins will not be tolerated. As the central bank continues to monitor the situation, it remains to be seen how effective its efforts will be in ensuring compliance with the law. One thing is certain, however: refusing to accept cedi coins is a serious offence with severe consequences.

Source: JOY