It’s illegal to buy or sell GH¢1 notes or coins online – Bank of Ghana

The Bank of Ghana says it is illegal for any person or institution to buy or sell one Ghana cedi notes or coins currently in circulation, regardless of the purpose or intent for such trading.

A statement issued in Accra by Mrs Sandra Thompson, the Bank’s Secretary, said the Bank wished to inform and remind the public, that it was 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) as amended.

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, committed an offence.

The statement said perpetrators would 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) as amended.

“The Central Bank, therefore, informs the public that all persons engaged in the activity of selling (online or otherwise) of Ghana Cedi notes or coins currently in circulation, must desist from doing so immediately.

It said such person were prohibited from further engaging in such trades, with immediate effect.

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

Source: GNA