The Bank of Ghana (BoG) has warned traders, transport operators and businesses against refusing to accept Ghana cedi coins, reminding the public that all denominations issued by the central bank remain legal tender and must be accepted for transactions.
The warning follows concerns over the widespread rejection of 1 pesewa, 5 pesewa, 10 pesewa, 20 pesewa and 50 pesewa coins, as well as the GH¢1 and GH¢2 coins, by some individuals and businesses.
In a notice issued on July 22 by the Secretary of the Bank, Aimee Vyda Quashie, BoG said the refusal to accept coins issued by the Bank constitutes an unlawful act.
"The Bank wishes to remind the general public that all coins issued by the Bank of Ghana remain the lawful currency of the Republic of Ghana and must be accepted and treated in accordance with the Bank of Ghana Act, 2002 (Act 612), as amended, the Currency Act, 1964 (Act 242) and other laws in force," the Bank said.
The Central bank stressed that none of the coin denominations have been demonetised or withdrawn from circulation, and therefore remain valid for settling debts and conducting transactions across Ghana.
According to the BoG, no trader, transport operator, business entity or individual has the authority to reject coins based on personal preference, inconvenience or the perception that certain denominations have low value.
The Bank cited provisions under the Currency Act, 1964 (Act 242), warning that persons who refuse to sell goods or services solely because a customer pays with legal tender coins or notes could face criminal sanctions.
"The public is strongly advised to desist from the rejection of coins issued by the Bank of Ghana. Persons and businesses who persist in this conduct may be subject to arrest, prosecution, fines, or imprisonment in accordance with the law," the statement added.
BoG said a person found in the act of committing this offence may be arrested without a warrant.
Individuals convicted of the offence may face imprisonment of up to three years, a fine, or both.
The following acts constitute an offence and are punishable under the Currency Act, 1964 (Act 242):
1. Refusing to sell an article to a buyer simply because the buyer is paying with coins or notes, except where that particular coin or note is no longer legal tender.
2. Where a person is convicted of this offence, the penalties include:
i) imprisonment for a term not exceeding three years; or
iii) both imprisonment and a fine.
The BoG further cautioned that business owners who instruct employees to reject coins, or persons who encourage others to engage in such conduct, may face similar penalties.
The Bank said it will collaborate with the Ghana Police Service and other law enforcement agencies to enforce the law, adding that persons found rejecting legal tender may be arrested, prosecuted, fined or imprisoned.
Members of the public who encounter difficulties using Ghana cedi coins have been encouraged to report such cases to the nearest Bank of Ghana office, the Police Service or through the Bank’s official communication channels.
The central bank urged all individuals, businesses and institutions to handle and accept the national currency responsibly in all denominations.
Credits: 3News.com
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