Three-Year Jail Term Awaits Those Who Refuse Cedi Coins – BoG Warns
The Bank of Ghana (BoG) has issued a strong warning to businesses, transport operators and individuals who refuse to accept cedi coins, stressing that such conduct is unlawful and could result in severe penalties, including imprisonment for up to three years.
The central bank says all Ghana cedi coins currently in circulation, including the 1 pesewa, 5 pesewas, 10 pesewas, 20 pesewas, 50 pesewas, GH¢1 and GH¢2 coins, remain legal tender and must be accepted for the payment of goods and services within the limits prescribed by law.
According to the Bank of Ghana, the continued rejection of cedi coins by some traders, shop owners, transport operators and service providers has become a growing concern, as it disrupts commercial transactions and weakens public confidence in the country’s currency.
To address the situation, the Bank of Ghana has partnered with the Ghana Police Service to intensify enforcement across the country. The exercise will target businesses and individuals who deliberately refuse to accept cedi coins during legitimate transactions.
BoG reminded the public that under Ghana’s currency laws, refusing to accept legal tender without lawful justification is an offence. Persons found guilty could face prosecution, leading to a fine, a prison sentence of up to 3 years, or both.
The central bank noted that every coin issued by the Bank of Ghana carries the same legal status as banknotes and must therefore be accepted for transactions.
BoG further urged Ghanaians to embrace the use of cedi coins in their daily transactions, noting that coins play an important role in ensuring smooth payments, reducing rounding-off errors and supporting an efficient cash payment system.
The Bank of Ghana also encouraged members of the public to report individuals and businesses that unlawfully reject cedi coins, assuring that appropriate action will be taken against offenders. The Ghana Police Service is expected to support the enforcement exercise by investigating complaints and prosecuting those found to be in breach of the law.
BoG reaffirmed its commitment to safeguarding the integrity of Ghana’s currency and called on all citizens to comply with the law by accepting every cedi coin issued by the central bank as legal tender. The Bank stressed that respect for the country’s legal tender is essential to maintaining confidence in Ghana’s financial system and ensuring smooth economic transactions nationwide.