Ghanaian traders count losses as counterfeit cedi notes, fake MoMo alerts surge

Some traders are reporting mounting financial losses as counterfeit cedi notes and fraudulent digital payment scams become increasingly common in everyday business transactions.

The trend is eroding profit margins and undermining confidence in commercial transactions, with some customers allegedly using deceptive tactics to obtain goods without making legitimate payments.

The problem is becoming a major concern for traders, particularly in the retail and informal sectors, where cash transactions continue to dominate daily business activity.

A visit by Citi Business News to several markets in the capital found traders displaying suspected counterfeit notes as evidence of recent losses.

Some traders said they unknowingly accepted fake currency during busy trading periods, resulting in direct financial losses.

The problem is particularly prevalent on market days, when high customer volumes and the pace of business leave little time to thoroughly verify cash payments.

“I may not realise that the money a customer has given me is counterfeit at the time of the sale. It is only when I get home and count the day’s sales that I discover some of the notes are fake.

“That means I have already given the customer the balance in genuine cash and end up bearing the loss myself. For example, if I sell meat worth GH¢35 and a customer pays with a counterfeit GH¢200 note, I will give the customer the balance.

Once I later discover the GH¢200 note is fake, the loss falls entirely on me,” a trader who gave her name as Madam Anointed said.

At the same time, fraudulent digital payment transactions are creating another layer of risk for businesses. Traders say fake mobile money (MoMo) alerts and other electronic payment scams are making them increasingly reluctant to accept digital payments despite ongoing efforts to promote a cash-lite economy.

“We accept MoMo transactions, but sometimes I don’t understand the strategies some customers use. They complete the transaction, but it does not reflect in your account. When that happens, I no longer accept MoMo transactions,” Madam Anointed added.

“Those who use fake currency often move around scouting for shops where they can successfully use it to buy items. If you are unlucky, you end up falling victim to them. I can say that almost every time, people bring counterfeit notes into the market,” another trader told Citi Business News.

To protect themselves, some traders say they have adopted additional safeguards, including carefully checking the security features of banknotes and verifying mobile money transactions before handing over goods.

“There is a sign here. If you bring the money, whether it is plenty or not, we make sure we check it because if it is fake, this thing will not shine,” Emmanuel Adzoyi stated.

The traders are calling on law enforcement agencies, financial sector regulators and other relevant authorities to intensify efforts to identify, arrest and prosecute those involved in the production and circulation of counterfeit currency, as well as digital payment fraud.

“We have four counterfeit notes here. Government should make it clear that anyone caught using fake currency will be dealt with according to the law,” a trader who spoke to Citi Business News on condition of anonymity said.

Traders warn that if these fraudulent activities are not curbed, they could further erode confidence in digital transactions and undermine one of the country’s key alternatives to physical cash.