Mishandling cedi leads to depreciation – BoG
The Bank of Ghana (BoG) has warned that careless handling of the national currency has serious consequences for both the economy and the nation’s image.
Director and Head of Currency Management at the BoG, Mr Dominic Owusu, explained that actions such as crumpling, tearing, or soiling cedi notes reduce their durability, disrupt banking operations, and create additional financial burdens for the country.
Speaking in a media interview on Monday, October 27, 2025, Mr Owusu noted that Ghana relies on foreign exchange to print new currency notes abroad. Damaged notes, therefore, have a direct economic cost.
“For economic policy, we don’t use the cedi to go and print the cedi; we use forex, we use the dollar. We don’t print the cedi in Ghana. So, if you are Ghanaian, any Mishandling cedi means depreciating it.” he said.
Mr Owusu further highlighted that poor handling disrupts modern cash-handling technologies. Counting and sorting machines often struggle to process dirty or damaged notes, slowing down operations in banks and other financial institutions.
He also criticised the cultural practice of crumpling or folding money when giving it as a gift.
“There is a culture among some Ghanaians that when I want to give a gift, I crumple the money so it doesn’t look boastful. But where did that come from? Any time you crumple the money, you destroy its protective coating. Once it’s damaged, it loses durability, and this becomes a cost to the nation,” Mr Owusu said.
The BoG said the lifespan of cedi notes is significantly reduced when they are defaced, folded, or exposed to moisture and dirt. Millions of dollars are spent annually replacing unfit currency, funds that could otherwise support development projects.
Mr Owusu urged citizens to treat the cedi with care, describing it as a symbol of Ghana’s sovereignty and economic independence.
The BoG will reinforce this message during activities marking the “Cedi@60” celebration at the Accra International Conference Centre today, October 28, 2025, commemorating 60 years since the introduction of the cedi.
