"BoG Governor Urges Public Confidence in Cedi, Warns Against Currency Counterfeiting"

BoG Governor Urges Public Confidence in Cedi, Warns Against Currency Counterfeiting

The Governor of the Bank of Ghana, Dr Johnson Asiamah, has called on Ghanaians to renew their trust in the Ghana cedi and actively contribute to safeguarding the integrity of the national currency.

Speaking at the Absa-UPSA Law School Quarterly Roundtable in Accra, Dr Asiamah expressed concern over the rising incidence of currency counterfeiting, warning that such criminal acts pose a significant threat to the stability of the country’s monetary system.

“So in Ghana, if we are to safeguard the cedi’s role in our economy, we must begin by reclaiming its prestige in our everyday lives. Let us price in cedis, and let us transact in cedis. Let us teach our children that the cedi is worthy of their trust, their savings, and their ambition,” he stated.

He noted that the strength of the local currency is not determined solely by central bank policy or financial market dynamics, but by the confidence, usage, and protection provided by the citizenry.

“Because in the end, the strength of a currency is not determined only by central banks or financial markets. It is determined by the people who use it, the people who protect it, and the people who believe in it,” he added.

Dr Asiamah disclosed that recent reports reaching the central bank suggest an uptick in the circulation of counterfeit notes, particularly in urban centres such as Accra. He urged the public to remain vigilant and report suspicious activities to law enforcement or directly to his office.

“Recently, I heard a story somewhere within Accra about individuals involved in counterfeiting currency. These people are producing fake notes illegally. If we allow these practices to thrive in society, why are we surprised when the currency loses value?” he quizzed.

He continued, “If you find anyone engaging in currency counterfeiting, whether it’s the cedi, the dollar, or whichever currency, please my phone number is all over the place. Send me a WhatsApp.”

The Governor further lamented reports of foreign nationals’ involvement in counterfeiting operations, including reproductions of historic Ghanaian currency bearing the image of the country’s first president, Dr Kwame Nkrumah.

“The heartbreaking part is that I’m told a lot of foreigners are involved in that. They are counterfeiting Kwame Nkrumah’s cedis, the cedi he introduced. They are destroying it. And Ghanaians know these people,” he stated.

The Absa-UPSA Law School Roundtable brought together legal practitioners, regulators, academics, and students to deliberate on the interlinkages between monetary policy, currency integrity, and national development.

The event underscored the vital role of public trust and civic engagement in bolstering the country’s economic resilience.