Money spraying ban will protect cedi from misuse - Financial expert
Dr Richmond Owusu Tuahene, a financial expert, has backed the Bank of Ghana's (BoG) directive prohibiting the spraying of money at public events, describing the move as necessary and timely due to the rising cost of producing Ghana's currency. The directive targets the common practice of spraying banknotes at social gatherings, including weddings, funerals, parties, and entertainment events.
Dr Owusu Tuahene explained that producing banknotes comes at a significant cost to the state, making it important for citizens to handle the currency properly to prolong its lifespan. He noted that when banknotes are sprayed, stepped on, crumpled, or mishandled during events, they become damaged and unfit for circulation. This forces the central bank to spend additional resources replacing worn-out notes, creating an avoidable financial burden on the economy. He stated, "Currency is not just paper; it is a symbol of national value and economic stability. Protecting it should be a shared responsibility." Dr Owusu Tuahene stressed that the directive is not a new restriction but is based on existing laws governing the proper handling of the Ghanaian cedi, which already prohibit actions that deface, destroy, or misuse currency.
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A financial expert has weighed in on the Bank of Ghana's recent directive to ban the spraying of money at public events. This move aims to protect
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