Tuesday, 23 July

Video: Bank of Ghana explains cash supply chain

Business
Mr. Dominic Owusu, Head of the Currency Management Department at the Bank

By law, the Bank of Ghana (BoG) is the sole authority mandated to issue and redeem currency, according to Section 35 of the Bank of Ghana Act (2002), Act 612.

Mr. Dominic Owusu, Head of the Currency Management Department at the Bank, emphasized this in an educational video produced by the Communications Department of the central bank. He stated that one of BoG's primary objectives is to protect and ensure the integrity, confidence, and trust in the currency for economic transactions.

Mr. Owusu noted that it takes a year to procure banknotes for economic transactions, urging Ghanaians to keep their notes clean.

He explained that banknotes are not printed in Ghana but are produced abroad and distributed under strict security across the country. Once the money reaches the Bank of Ghana branches and agencies, commercial banks withdraw these funds and make them available to the public.

He further indicated that when banknotes are dirty, counterfeiters find it easier to introduce fake notes into the system.

He, thus, reiterated the importance of keeping the notes neat, adding that clean notes help in the interception of counterfeit currency, thereby ensuring the integrity of economic transactions.

Source: Classfmonline.com/Emmanuel Mensah