The Bank of Ghana has assured that it will continue to put in place measures to ensure the proper handling of Ghana’s local currency notes.
This the Bank notes has risen due to the upsurge in the number of worn-out currencies in circulation, hence the need to embark on rigorous processes to save the currency from degenerating.
Addressing the press as part of the Bank’s Ghana Month Series, Director of Currency Management at the BoG, Dominic Owusu noted that local currency was a great symbol of the country and efforts to preserve its quality and cleanliness must be prioritised by all.
“The Central Bank through its engagement with key stakeholders continues to embark on numerous education initiatives. We have an education committee handling this. As we celebrate the Ghana Month, let’s do ourselves a lot of good and educate the public on how to keep the currency well. It is th business card we all have………………..when someone wants to know Ghana, the first thing they see is our currency. Help us to market Ghana by keeping the currency neat,” he said.
He also noted that, the Bank has enhanced its educational campaigns on currencies in circulation to ensure that counterfeiting is minimised by enhancing the security features.
These will ensure that the banknotes and coins maintain their functional roles of medium of exchange, store of value, and as a unit of account.
“Whenever currencies are worn out, these currencies are timely removed from circulation. The Central Bank has procedures to do away with these currencies. If we keep worn out currencies in circulation there are two issues. It affects the image of the country. It is not possible to distinguish between a genuine note and a counterfeit one. This will make it difficult for proper screening,” he added.