How to detect fake Cedi notes – EXPLAINER

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The issue of encountering fake currency notes many not be new to many. From business transactions to regular cash exchanges have somewhat resulted in at least some level of fake currency notes in circulation.

While the Bank of Ghana is responsible for the circulation of banknotes, counterfeiting of currency notes is not only a domestic problem but an international one which is being tackled at different levels.

The Ghana Police Service and other security agencies have over the years caused the arrest of some persons engaged in the printing of fake currency notes in a bid to circulate them to the unsuspecting public.

Although counterfeiting of these banknotes may not be limited to only the Ghana Cedi, these criminals go a long way to also print fake US Dollar, Euro and other currency notes.

But how does one exactly know if they have come into contact with a fake currency note?

GhanaWeb Business in this article provides some tips on how to detect fake notes with help from AfriSwap and the Bank of Ghana.

This article was first published by GhanaWeb on May 9 2022. It has since been republished for education purposes

Techniques for identifying counterfeit notes

*First off, when one comes into contact with a fake currency not, the bearer of the banknote is expected to compare the suspected banknote with one of the same denominations from a different source.

*It is also important not to compare with the reproductions in a brochure (or a print out from the internet) as it may differ from the original bank note.

*To identify a counterfeit bank note, unfold a received banknote and look at the front and the back.

*Also check the banknote for the security features as captured on AfriSwap.com or the Bank of Ghana website.

*In addition to these checks, it is vital to pay attention to soiled or repaired bills upon receipt.

*The Bank of Ghana is also available to assist persons who need verification of the validity of suspected counterfeit notes.

*Finally, persons who come into contact with a suspected currency note are expected to notify the police as soon as possible if they think that a banknote has been counterfeited.

Source:Ghanaweb