The Governor of the Bank of Ghana, Dr. Johnson Asiama, has strongly condemned the counterfeiting of the Ghana cedi and called on the public to actively support the central bank in tackling this serious threat to the economy.
Speaking on July 15, Dr. Asiama expressed deep concern about the growing circulation of fake currency and the complacency of some Ghanaians in addressing it.
“I can’t understand, for example, the counterfeiting of our cedi notes. Apparently, there are foreigners involved, working with local businesspeople. People know them and yet choose to look away. I can’t imagine how we tolerate that,” he said.
His remarks highlight a troubling reality where currency counterfeiting not only erodes public trust in the cedi but also weakens the broader financial system.
It distorts prices, causes direct financial losses to individuals and businesses, and fuels inflation by mimicking an increase in the money supply.
The Bank of Ghana’s 2024 Fraud Report confirms that counterfeit currency remains a persistent risk to financial institutions and the public alike.
Beyond the immediate economic impact, counterfeiting is often linked to wider criminal networks involved in illicit trade and fraud, making it a national security issue.
Because counterfeiters operate outside the tax system, their activities also deprive the state of critical revenue for public services like healthcare and education.
Dr. Asiama urged Ghanaians to report any suspicious activity promptly, emphasising that public vigilance is key to protecting the integrity of the cedi.
“If you observe any such practices, pass on the information quickly. We’ll act immediately. He encouraged collaboration in building financial technologies that support cedi-based payments and cross-border transactions, particularly through initiatives like the eCedi, the Bank’s digital currency pilot which aims to reduce reliance on physical cash and curb counterfeiting,” he assured.
The Bank of Ghana continues to educate the public on the cedi’s security features, such as watermarks, security threads, and colour-shifting inks, and reminds citizens that both counterfeiting and possession of fake currency are criminal offences.
Efforts like the Clean Note Policy are also in place to keep only fit and authentic notes in circulation, making fakes easier to detect.
