The Bank of Ghana (BoG), in collaboration with the Ghana Police Service, has arrested seven people in Accra for allegedly using Ghana cedi banknotes to produce money bouquets and money cakes for commercial purposes.
The arrests, carried out at different locations in Accra, form part of an enforcement drive by the central bank against what it describes as the misuse, abuse and illegal handling of Ghana’s currency.
According to the Bank of Ghana, the suspects were allegedly involved in producing decorative money bouquets and cakes using cedi notes for customers.
Dinah Bonzi, Head of the Statistics Office at the Currency Management Department of the Bank of Ghana, said the operation was intended to reinforce the central bank’s warning to individuals and businesses engaged in the practice.
She said using banknotes and coins to create money bouquets and money cakes for weddings, birthdays, graduations and similar occasions constitutes misuse and abuse of the national currency.
The Bank of Ghana warned that people found engaging in, aiding, promoting or facilitating such practices could face arrest and prosecution by the appropriate law-enforcement agencies.
The central bank further indicated that the seven arrested individuals would be processed for prosecution, with possible sanctions under the applicable law including fines or imprisonment.
The arrests follow earlier warnings from the Bank of Ghana against unconventional handling of the national currency. The central bank has specifically cautioned against using cedi notes for decorations and money bouquets, spraying money at events, scattering or stepping on banknotes, and tearing, crumpling, staining or otherwise defacing currency.
The Bank of Ghana maintains that the Ghana cedi is the legal tender of the Republic of Ghana and should be handled in a manner that protects its integrity, quality and functionality.
The latest enforcement action signals a tougher approach to practices involving the physical misuse of cedi banknotes, particularly the increasingly popular use of cash to create decorative bouquets and money cakes for celebrations.
As the case proceeds, the seven individuals remain suspects, and the allegations against them will be subject to the appropriate legal process.
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