Accra:Money is increasingly becoming a symbol of love, honor, and celebration at weddings, birthdays, and other social events in Ghana, where cash gifts are gaining prominence as memorable tokens. Crisp Ghana Cedi notes are often folded into roses, arranged into colorful bouquets, and presented as gifts. While some see these as expressions of generosity and social status, others raise concerns about currency protection.
According to Ghana News Agency, the practice of creating decorative items from cedi notes has led to the arrest of seven individuals in Accra for the alleged production and sale of such items. This situation has sparked a debate on whether Ghana's existing currency laws are clear enough to address these modern uses or require an update.
Dr. Daniel Osabutey, a Senior Lecturer at the Accra Technical University Business School, suggests that this controversy presents an opportunity to review the currency legislation to ensure the protection of the cedi through clear and modern laws. The Bank of Ghana has previously warned against using cedi notes and coins for decorative purposes, emphasizing the importance of preserving the national currency's integrity.
Dr. Osabutey points to the Currency Act of 1964, noting that it was established long before practices like money bouquets became popular. He highlights the need for the law to be precise about what constitutes a criminal offense, suggesting that public disapproval alone does not make an activity illegal. He stresses the importance of legislative reform to provide clear guidelines on what is permissible and to ensure enforcement aligns with the law.
The lecturer argues for a comprehensive review of Act 242 by Parliament to explicitly define prohibited conduct and distinguish between actions that could damage banknotes and those that do not. This would offer clarity to the public and businesses involved in creating decorative gifts, ensuring that the protection of the cedi is maintained without unnecessarily criminalizing legitimate handling of banknotes.