Central bank cracks down on counterfeit currency

Governor of the Bank of Ghana (BoG) Dr Johnson Asiama has issued a strong warning against the growing menace of cedi counterfeiting, describing it as a threat to the economy and public trust in the national currency, according to a report in Media Max. Asiama urged the public to support the central bank in identifying and reporting currency forgers. ‘Apparently, there are foreigners doing this with the support of some local business people. Yet, people look away.’ The Governor emphasised the wide-reaching effects of fake currency, including eroding of public trust, financial losses, revenue loss, inflation risks and crime links. Asiama referenced BoG’s 2024 Fraud Report, highlighting the constant risk counterfeit money poses to banks, Payment Service Providers and the public. To reduce dependency on physical notes, the BoG is pushing forward with its eCedi pilot, a digital version of the Ghana cedi. Asiama believes this innovation could help eliminate the risks of counterfeit cash while supporting secure, inclusive digital payments. The governor’s remarks signal a renewed push to tackle counterfeiting through public awareness, technology and policy reform.

Full report on the Media Max Network site