Kindly watch the video below and proceed the reading thank you. ....we educate the nation.
From January to August this year, the bank destroyed ?128.9m mutilated notes of various denominations, the equivalent of ?244.3bn.
In an interview with the Ghana News Agency (GNA) to throw more light on the issue, Edward Ofei-Bekoe, Head of the Issue Department of the Central Bank, explained that about nine million bank notes, which have been in circulation for up to six months or a year, were withdrawn every month as a result of mutilation.
He said the situation was of serious concern to the Bank because the three billion cedis spent to put fresh notes into circulation could have been saved and paid into the Consolidation Fund for socio-economic development.
It is a criminal offence to mutilate money in Ghana. However, there have hardly been arrests and prosecutions to deter members the public from the practice. Economists say three billion cedis can build 10 primary schools for some deprived communities, a clinic for some villages, a 400-bed hostel for a university or help equip the Police to protect life and property.
Ofei-Bekoe explained that mutilated notes cease to be legal tender because they lose their security features as a result of being badly torn, partially burnt, too soft and light, dirty or defaced. That is why they are withdrawn from circulation and burnt.
He, therefore, advised Ghanaians, particularly, cooked food sellers, traders, drivers and mechanics to cherish their cedi notes and preserve their freshness so as to increase their lifespan. "We must desist from crumpling our notes and handling them with wet and dirty fingers," he cautioned.
Ofei-Bekoe said keeping the bank notes in obscure places, under beds, in dirty environments and on certain parts of our bodies, such as the private parts, also mutilated them.
On measures being taken by the Central Bank to educate Ghanaians on the consequence of mutilating the notes, Ofei-Bekoe said a massive campaign to be embarked on before the introduction of the 10,000 and 20,000 cedi denominations would address the issue.
Already, the Ladies Association of the Bank has a programme, "Keep the Cedi Clean," that educates, especially traders at various markets, on the proper handling of bank notes.
Asked why the wide use of credit and debit cards to minimise cash transaction would not be promoted as a better option, Ofei-Bekoe said though the banks favoured this choice plus the use of cheques, they were finding it difficult to have their clients to adopt them.
"Using cheques for transactions is much easier and faster for the banks, but the lack of trust among business partners in dealing with genuine cheques has discouraged the reliance on cheques," he said.
He added that lack of technology in monetary transactions mostly in the rural areas also made it difficult to use card machines and cheques. Ofei-Bekoe, however, expressed optimism that cards and cheques would gradually replace cash transactions as socio-economic development progressed with the introduction of new technologies.
Handling Of The Cedi Very Bad
14-Jan-2015  Comments ( 0 )  Email  Pri
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THE BAD handling of the Ghana cedi note in the country has made the cedi unattractive among other currencies in Africa and the world at large.
In Ghana you see educated, illiterates, adults and children crumbling the cedi notes as a way of keeping the money safe from getting missing or torn without anyone penalizing them.
After careful observations, it has been observed that not even one financial institution has ever taken the pain or time to educate their customers and clients on the proper management of the cedi note, but rather pay huge sums of money to advertise on both electronic and print media in order to win more potential customers.
A visit to the Central Market revealed that about 70 percent of Ghanaians have no idea or see the reason to handle the cedi note without soiling it or writing on the notes.
Speaking to some of these business men and women they explained that the only idea they have about the cedi is that when the notes get worn out you can take it to the bank for replacement.
They said
�The note will be changed for you when you take it to the bank moreover the cedi notes are made of paper even when you keep it clean, it will definitely tear.
�According to them they have never had any education on how to keep the cedi notes not even on the television or radio.
Some of these traders who are the main culprits blamed their colleagues like the food vendors and those who deal with consumable items like cooking oil, fish and charcoal sellers among others.
In an interview with drivers and their mates they expressed their grievances on how some Ghanaians have been mishandling the cedi notes in the country.
According to them
�Some Ghanaians are very dirty that they cannot handle their own money clean so they do not respect the cedi note that come their way and end up soiling it with either oil or crumble it making it difficult to use.
�At American House a driver, Fulani Issah, explained that they always have problems with passengers over the cedi note.
According to him, passengers use torn or weak cedi notes to pay their fares and when they refuse to take them they raise insults on them that they do not print money so they should accept it as it looks like.
He groaned that when they give the same money to the passengers they refuse to accept with the excuse that they should use them for fuel because nobody will accept torn money should they take it home.
He said
�The way and manner Ghanaians handle our cedi note in the country is very bad. You see a well dressed man or woman paying his or her fare with a dirty and torn note and when you refuse to accept it they raise insults on you and direct you on what to use the money for.
�He added that when they send the money to the various fuel stations the attendants react back that they cannot accept it making their business difficult.
At Circle, some of the drivers
� mates blamed market men and women and the passengers with the reason that they mostly crumble the money because they are in a hurry to receive another one.
At close look, the paper observed a charcoal seller who received the money with her hand soiled with charcoal and crumble it before putting it in her pocket.
Speaking to her, she explained that customers are always in a hurry to receive their items or balance and so had to handle the cedi till she closes.
According to her, when she gets home she straightens them up and takes it back to the bank or use it for her business.
In an interview with Professor Peter Quartey, an Economic Expert from Institute of Statistical, Social and Economic Research, he said the way to handle the cedi note is for the banks to partner with the National Commission for Civic Education to educate Ghanaians, especially the market men and women and those in the village with different languages that will enable them understand how to handle the cedi note.
He explained that the handling of the cedi note is a big challenge in the country and hardly do you hear banks and financial institutions discuss it.
He urged financial institutions to provide bags for their consumers, especially, business people who use the cedi note to work to keep their money at a safer place.
He added that Ghanaians should try and keep their money in wallet for proper handling of the notes and also encourage the use of electrical cards in the system.
He added that laws should be enforced to penalize people who publicly mishandle the cedi for others to learn from it. Source: Daily Heritageccording to them they have never had any education on how to keep the cedi notes not even on the television or radio.
Some of these traders who are the main culprits blamed their colleagues like the food vendors and those who deal with consumable items like cooking oil, fish and charcoal sellers among others.
In an interview with drivers and their mates they expressed their grievances on how some Ghanaians have been mishandling the cedi notes in the country.
According to them
�Some Ghanaians are very dirty that they cannot handle their own money clean so they do not respect the cedi note that come their way and end up soiling it with either oil or crumble it making it difficult to use.
�At American House a driver, Fulani Issah, explained that they always have problems with passengers over the cedi note.
According to him, passengers use torn or weak cedi notes to pay their fares and when they refuse to take them they raise insults on them that they do not print money so they should accept it as it looks like.
He groaned that when they give the same money to the passengers they refuse to accept with the excuse that they should use them for fuel because nobody will accept torn money should they take it home.
He said
�The way and manner Ghanaians handle our cedi note in the country is very bad. You see a well dressed man or woman paying his or her fare with a dirty and torn note and when you refuse to accept it they raise insults on you and direct you on what to use the money for.
�He added that when they send the money to the various fuel stations the attendants react back that they cannot accept it making their business difficult.
At Circle, some of the drivers
� mates blamed market men and women and the passengers with the reason that they mostly crumble the money because they are in a hurry to receive another one.
At close look, the paper observed a charcoal seller who received the money with her hand soiled with charcoal and crumble it before putting it in her pocket.
Speaking to her, she explained that customers are always in a hurry to receive their items or balance and so had to handle the cedi till she closes.
According to her, when she gets home she straightens them up and takes it back to the bank or use it for her business.
In an interview with Professor Peter Quartey, an Economic Expert from Institute of Statistical, Social and Economic Research, he said the way to handle the cedi note is for the banks to partner with the National Commission for Civic Education to educate Ghanaians, especially the market men and women and those in the village with different languages that will enable them understand how to handle the cedi note.
He explained that the handling of the cedi note is a big challenge in the country and hardly do you hear banks and financial institutions discuss it.
He urged financial institutions to provide bags for their consumers, especially, business people who use the cedi note to work to keep their money at a safer place.
He added that Ghanaians should try and keep their money in wallet for proper handling of the notes and also encourage the use of electrical cards in the system.
He added that laws should be enforced to penalize people who publicly mishandle the cedi for others to learn from it. Source: Daily Heritage
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