Bank of Ghana Warns Rejecting Cedi Coins Is a Criminal Offence Punishable by Up to Three Years’ Imprisonment
The Bank of Ghana (BoG) has reminded the public that refusing to accept Ghana cedi coins as payment is a criminal offence under the country’s laws and could result in severe penalties, including imprisonment for up to three years.
The central bank issued the reminder following reports that some traders, transport operators, and businesses continue to reject cedi coins during everyday transactions. According to the BoG, all Ghana cedi coins remain legal tender and must be accepted for the payment of goods and services within the limits prescribed by law.
The Bank explained that cedi coins play a vital role in the country’s payment system by facilitating exact payments, reducing the need for rounding off prices, and ensuring smooth commercial transactions. Rejecting coins inconveniences consumers and undermines confidence in Ghana’s currency.
Under the Currency Act, it is an offence for any person to refuse legal tender without lawful justification. Individuals found guilty may face a fine, a prison sentence of up to three years, or both, depending on the circumstances of the offence.
The BoG urged businesses, market traders, transport operators, and the general public to honour all genuine cedi coins presented for payment. It also encouraged consumers to report persistent cases of coin rejection through the appropriate channels.
The central bank further assured the public that all cedi coins currently in circulation have full legal backing and should be treated the same as cedi banknotes. It stressed that both coins and notes are official forms of Ghana’s national currency and should be accepted in daily transactions.
Financial experts believe wider acceptance of coins will improve the efficiency of cash transactions, especially for small-value purchases. They note that the use of coins helps businesses provide the correct change while reducing unnecessary losses caused by rounding prices up or down.
The Bank of Ghana continues to encourage the public to handle coins properly and use them confidently in everyday transactions. It reiterated that maintaining trust in the national currency is a shared responsibility that supports the country’s financial stability and economic growth.
The BoG’s latest warning serves as a reminder that compliance with Ghana’s currency laws is mandatory. Businesses and individuals are therefore advised to accept cedi coins whenever they are presented as legal tender to avoid sanctions under the law.
