BoG Warns Against Coin Rejection, Cites Possible Arrest and Prosecution
The Bank of Ghana (BoG) has cautioned traders, transport operators and other business entities to immediately stop refusing to accept coins as legal tender, warning that offenders risk arrest, fines and imprisonment.
In a notice issued on July 23, the central bank expressed concern over the widespread and persistent rejection of the 1 pesewa, 5 pesewa, 10 pesewa, 20 pesewa, 50 pesewa, GH¢1 and GH¢2 coins in payment for goods and services across the country.
According to the Bank of Ghana, all coins issued by it remain valid legal tender for the settlement of debts and the conduct of transactions throughout Ghana and have not been demonetised or withdrawn from circulation.
It stressed that no trader, transport operator, business entity or individual has the discretion to unilaterally refuse these coins on grounds of inconvenience, low value or personal preference.
Citing the Currency Act, 1964 (Act 242) and the Bank of Ghana Act, 2002 (Act 612) as amended, the Bank said refusing to sell an article to a buyer simply because payment is being made with coins or notes that are still legal tender constitutes an offence.
It added that a person convicted may face imprisonment for a term not exceeding three years, a fine, or both.
The Bank further noted that deliberately encouraging, helping or instructing another person to commit the offence, such as a business owner instructing staff to reject coins, is punishable in the same way, and that a person found committing the offence may be arrested without a warrant.
The Bank of Ghana said it will work closely with the Ghana Police Service and other law enforcement agencies to enforce the law and ensure appropriate action is taken against any person or business found culpable.
It urged the public to desist from rejecting coins and encouraged anyone who encounters difficulties to report such instances to the nearest Bank of Ghana office, the Ghana Police Service, or through the Bank’s official communication channels.
The Bank called on all individuals, businesses and institutions to support the effort by accepting and handling the national currency, in all its denominations, responsibly and in accordance with the law.
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