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.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, July 15, Dr. Asiama urged the public to support the central bank in identifying and reporting currency forgers.
“I can’t understand, for example, the counterfeiting of our cedi notes,” he said. “Apparently, there are foreigners doing this with the support of some local business people. Yet, people look away.”
Impact on the Economy
The Governor emphasized the wide-reaching effects of fake currency:
- Public Trust: Fake cedis reduce confidence in Ghana’s financial system.
- Financial Losses: Victims of counterfeit money receive no compensation.
- Revenue Loss: Counterfeiters avoid taxes, weakening public service funding.
- Inflation Risks: Illicit notes in circulation can increase inflation.
- Crime Links: Counterfeiting is often tied to organised criminal networks.
Dr. Asiama referenced BoG’s 2024 Fraud Report, highlighting the constant risk counterfeit money poses to banks, PSPs, and the public.
Public Vigilance Urged
Calling on Ghanaians to become allies in fighting the problem, Dr. Asiama said: “If you observe any such practices, please pass on the information… We want you to collaborate with us.”
The BoG continues its public education campaign, teaching citizens how to detect fake notes using security features like watermarks, colour-shifting ink, and security threads.
To reduce dependency on physical notes, the BoG is pushing forward with its eCedi pilot, a digital version of the Ghana cedi. Dr. Asiama believes this innovation could help eliminate the risks of counterfeit cash while supporting secure, inclusive digital payments.
“This is a proactive shift,” he concluded, “where the public helps shape a stronger, fraud-resistant financial system.”
The Governor’s remarks signal a renewed push to tackle counterfeiting through public awareness, technology, and policy reform.
