Bank of Ghana warns against banknote rejection under 1964 Currency Act
Ghana's central bank reminds the public and businesses that rejecting any legal tender, including the one pesewa coin or any banknote, is illegal under the Currency Act of 1964. This clarification aims to ensure smooth economic transactions and prevent disruptions in the payment system.
The Bank of Ghana (BoG) has reminded the public that all issued banknotes and coins, including the one pesewa coin, are legal tender. Rejecting them for transactions is against the law.
This rule comes from the Currency Act, 1964 (Act 242). This Act makes it mandatory for people to accept all legal tender for everyday payments. The BoG’s statement aims to stop businesses and individuals from refusing certain denominations.
This policy is important for the stability of Ghana's payment system. If people reject certain notes or coins, it can make trade difficult. It can also cause problems for pricing and change. The central bank wants to make sure all parts of the currency system work well. This supports smooth economic activity.
Source: StatsGH — Ghana's data-driven news platform