The customs division of the Ghana Revenue Authority (GRA) says it has intercepted 80 million fake currency notes with CFA inscriptions in the country.

The suspect, a 53-year-old man was said to be carrying a Nigerian passport at the time of the arrest.

According to customs, the suspect identified as Arimu Timothy Adipoe was arrested at one of the beats along the Aflao border on a motorbike through the collaboration of other security agencies when he attempted to sneak the fake money into the country.

The amount when converted is worth about GH¢1.5 million on average.

Addressing the press, the Commissioner in charge of customs division, Seidu Iddrisu Iddisah explained that “Yesterday  [Tuesday] around 4pm, our officers on duty at the Anapro road, under the Aflao connection stopped an Okada rider with passenger carrying a backpack. They suspected the bag to be containing something and so asked him to bring it down. He was a little hesitant. But the officers were able to search the bag”.

He said such fake currencies contribute negatively to the economy and further depreciate the Ghana cedis when exchanged for genuine ones.

“He [suspect] will change the fake CFA into naira, get genuine currency and send it back, and we will be losing foreign exchange and will be circulating fake foreign currency in our system,” the Commissioner in charge of customs division stated.

Mr. Seidu Iddrisu said further investigation will establish the motive for importing fake currency into the country.

“Investigation is going on, we have cooperation with other agencies, so if it means contacting the Nigerian customs we will do it,” he indicated.