The Governor of the Bank of Ghana, Dr Johnson Asiama, has urged the general public to report individuals dealing in counterfeit currency directly to him.

According to him, counterfeiting threatens the stability of the local currency and contributes to the depreciation of the cedi.

Dr Asiama revealed that there have been reports of individuals illegally producing fake notes in various parts of the country, especially within Accra.

“Recently, I heard a story about individuals involved in counterfeiting currency somewhere in Accra. These people are producing fake notes illegally,” he said.

He warned that if such practices are allowed to thrive, it should come as no surprise when the cedi continues to lose value.

“If you find anyone engaging in currency counterfeiting, whether it's the cedi, the dollar, or any other currency, please, my phone number is all over the place. Send me a WhatsApp,” he stated during his address at the Absa-UPSA Law School Quarterly Roundtable on July 17, 2025.

Dr Asiama urged Ghanaians to have renewed confidence in the cedi as the sole legal tender of the country. He explained that the existence of counterfeit notes contributes to inflation and affects the overall performance of the economy.

“To safeguard the cedi’s role in our economy, we must begin by restoring its prestige in our daily lives. Let us price in cedis, and let us transact in cedis. Let us teach our children that the cedi is worthy of their trust, their savings, and their ambition.

“Because in the end, the strength of a currency is not determined only by central banks or financial markets. It is determined by the people who use it, protect it, and believe in it.”

He also expressed concern about the alleged involvement of foreign nationals in counterfeiting activities.

“The heartbreaking part is that I’m told a lot of foreigners are involved in this. They are counterfeiting Kwame Nkrumah’s cedis, the cedi he introduced. They are destroying it. And Ghanaians know these people,” he lamented.

SSD/MA

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