BoG reinforces clean note policy to ensure currency integrity

By Joshua Worlasi AMLANU

In a bid to maintain the integrity of the Ghanaian currency, the Bank of Ghana (BOG) has reiterated its commitment to enforcing the Clean Note Policy.

Mr. Dominic Owusu, Director of Currency Management Department at the Bank of Ghana, emphasised the importance of this policy during a media tour as part of the Ghana Heritage Month Celebrations.

The Clean Note Policy, according to Mr. Owusu, revolves around three key principles: the recirculation of banknotes at predetermined standards, the removal of unfit banknotes from circulation, and the interception of counterfeit currency within the cash supply chain.

Speaking passionately about the significance of this policy, Mr. Owusu highlighted its role in maintaining confidence and trust in the currency.

“Clean banknotes are not just a matter of appearance; they are the business card of the citizen and reflect the image of our country,” stated Mr. Owusu. He emphasised that clean banknotes not only enhance the country’s reputation but also promote tourism and economic growth.

Explaining the necessity of removing unfit banknotes from circulation, Mr. Owusu emphasised the role of technological advancements in currency processing. “We use machines for fitness sorting, and these machines require banknotes to be in a transportable condition. Dirty or damaged banknotes hinder the efficiency of these machines,” he explained.

Furthermore, Mr. Owusu addressed the issue of counterfeit currency, stating that dirty banknotes provide counterfeiters with opportunities to thrive. “When banknotes are dirty, it becomes challenging to distinguish between genuine and counterfeit notes,” he said. “By removing dirty notes from circulation, we minimise the risk of counterfeit currency entering the system.”

In line with the Clean Note Policy, the Bank of Ghana has implemented measures to ensure the quality and authenticity of banknotes in circulation. This includes the use of armoured bullion vans for cash transportation and the standardisation of currency processing machines used by commercial banks.

“We are constantly reinforcing our currency management strategies and practices to maintain our position as a leader in Africa,” remarked Mr. Owusu. He commended the collaboration of stakeholders, including commercial banks and the media, in promoting currency education and awareness among the public.

Addressing concerns about counterfeit currency, Mr. Owusu presented data showing that Ghana has successfully kept counterfeit levels well below the international benchmark of 100 pieces per million banknotes. “Counterfeiting is not a significant problem in Ghana, thanks to our proactive measures and public awareness campaigns,” he affirmed.

However, Mr. Owusu stressed the importance of public vigilance in identifying security features on banknotes to prevent counterfeit transactions. “We encourage the public to familiarise themselves with these features and report any suspicious banknotes to authorities,” he urged.

Mr. Owusu reiterated the Bank of Ghana’s unwavering commitment to upholding the integrity of the Ghanaian currency through the enforcement of the Clean Note Policy. “Together with our stakeholders and the public, we will continue to ensure that our currency remains a symbol of pride and trust for all Ghanaians,” he affirmed.

The media tour provided valuable insights into the Bank of Ghana’s currency management practices and its efforts to maintain a robust and secure financial system. As Ghana celebrates its heritage, the significance of preserving the integrity of its currency remains paramount in fostering economic prosperity and national pride.

The post BoG reinforces clean note policy to ensure currency integrity appeared first on The Business & Financial Times.

Read Full Story