Bank of Ghana warns against refusing legal tender
Ghana's central bank reminds the public that it is illegal to refuse any legal tender, including the one pesewa coin. This statement reinforces the Currency Act of 1964. The warning highlights the importance of maintaining an efficient currency circulation system and preventing financial friction in daily transactions.
The Bank of Ghana (BoG) has issued a reminder to the public. It states that all denominations of the Ghana Cedi are legal tender. This includes the one pesewa coin.
Refusing to accept any banknote or coin issued by the BoG is against the law. This rule is set out in the Currency Act, 1964 (Act 242). This Act makes it mandatory for all citizens to accept legal tender for transactions.
This move is important for the economy. It ensures that money can move freely. If people reject certain denominations, it can slow down trade. It can also create problems for businesses and consumers.
The BoG’s statement aims to keep the payment system working smoothly. It prevents the public from devaluing smaller currency units by not accepting them. This helps maintain the value and acceptance of all cedi notes and coins.
Similar issues have happened in other countries. Central banks often step in to remind citizens about legal tender laws. This is to stop unofficial currency policies from emerging. The warning from BoG shows its commitment to a stable and orderly financial market.
Source: StatsGH — Ghana's data-driven news platform