BoG warns against taping, gluing and stapling cedi notes

• BoG warns against repairing damaged cedi notes.

• Taped notes could damage ATMs or be rejected.

• Take damaged notes to commercial banks for replacement.

The warning follows the circulation of a video on social media showing individuals repairing and rejoining torn and soiled cedi notes as a business activity.

The central bank said improperly repaired notes could damage ATMs and currency processing machines and may be rejected when presented for payment or exchange.

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“Banknotes that have been taped, glued, stapled or otherwise improperly repaired are unfit for circulation,” the BoG said in a press release issued on Wednesday, October 7.

According to the Bank, such practices undermine the integrity of the currency and could affect the acceptability and proper processing of banknotes within the cash cycle.

It stressed that no individual should engage in the repair, rejoining or alteration of mutilated banknotes for re-issuance or recirculation.

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The BoG said the Ghana cedi is legal tender and an important national symbol, adding that it has the sole mandate for the management of the country’s currency.

The Bank advised members of the public not to tape, glue, staple, rejoin or otherwise attempt to repair damaged banknotes.

Instead, mutilated or damaged notes should be taken to a commercial bank for examination and replacement in accordance with the BoG’s laid-down procedures.

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The central bank noted that when a mutilated banknote is presented for examination, more than half of the original banknote should be available.

The BoG also urged the public to handle cedi banknotes with care and report persons involved in the improper repair, rejoining or mutilation of banknotes to the central bank or the appropriate law enforcement authorities.

The warning comes amid growing circulation of damaged notes and attempts to restore them for use, with the BoG stressing that improperly repaired currency can create problems for both financial institutions and members of the public.

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It urged the public to use the formal process for replacing damaged banknotes rather than attempting to put them back into circulation themselves.