The Bank of Ghana (BoG) has declared that refusing to accept Ghana cedi coins for goods and services is a criminal offense punishable by law. This directive targets traders, transport operators, and various businesses across the country. The central bank has observed a persistent and widespread rejection of lower denomination coins, specifically 1, 5, 10, 20, and 50 pesewa coins, alongside GHS 1 and GHS 2 coins.
These coins, issued by the Bank of Ghana, remain legal tender and must be accepted for all transactions and debt settlements nationwide. The BoG emphasized that no individual or business entity has the right to reject these coins based on perceived inconvenience, low value, or personal preference. This stance aims to ensure the smooth functioning of the monetary system and uphold the integrity of the national currency.
This warning comes as Ghana continues to manage its economic stability, with the central bank actively working to control inflation and maintain confidence in the cedi. The rejection of coins can disrupt daily commerce, particularly for small transactions, and undermine the public's trust in the currency. Such actions can also contribute to informal economic activities and make it harder for the BoG to implement effective monetary policies. The central bank recently noted that inflation is expected to return to its medium-term target of 8% ± 2%, highlighting the importance of every aspect of currency management.
The BoG explicitly stated that under the Currency Act, 1964 (Act 242), refusing to sell goods or services when a customer offers legal tender coins or notes constitutes an offense. This applies unless the currency has been officially demonetized or withdrawn from circulation. Offenders, upon conviction, face severe penalties, including imprisonment for up to three years, a fine, or both. This legal framework underscores the seriousness with which the central bank views the rejection of its currency.
Furthermore, the BoG warned that anyone who encourages or instructs others to reject coins, including business owners directing their staff, commits the same offense and is liable to the same penalties. Persons caught committing this offense may be arrested without a warrant. This broad application of the law aims to prevent a chain reaction of non-acceptance throughout the economy. The central bank will collaborate with the Ghana Police Service and other law enforcement agencies to ensure strict compliance with these regulations.
The public is urged to cease rejecting cedi coins immediately. Persistent offenders risk arrest, prosecution, fines, or imprisonment. The BoG also encouraged citizens to report incidents of coin rejection to the nearest Bank of Ghana office, the Ghana Police Service, or through the bank's official communication channels. This collaborative approach seeks to empower the public in upholding the law and maintaining the value of the national currency. All individuals, businesses, and institutions are called upon to accept and handle Ghana's currency responsibly and in accordance with the law.