Audio By Carbonatix
The Bank of Ghana has asked banks in the country to pay up to GH¢ 5,000 to third parties who present cheques to them.
This new limit is half the previous GH¢ 10,000 limit issued by the Central Bank in July, 2013.
The directive took effect from January 1, 2014, and does not apply to third party cheques that are presented for the credit of an account through clearing.
The further tightening of the third party over-the-counter threshold, according to BoG, is to reduce the incidence of fraud and other malfeasance and also "limit the scope for abuse of the banking system by criminals."
The directive, however, does not also apply where the payee is the drawer of the cheque.
The Bank of Ghana is also encouraging customers of banks to use payment instruments and products such as cards and mobile money for transaction.
Latest Stories
-
Why Gordon Asare Bediako matters for NPP 2028’s communication
2 minutes -
UPSA hosts 11th Business & Entrepreneurship Conference on ESG and Sustainability
13 minutes -
Strong public confidence boosts Ghana’s drive towards local vaccine production
33 minutes -
Strategy Execution for Results
40 minutes -
Teens need to press pause on late-night doomscrolling
40 minutes -
PIAC probes delayed Ehi–Dzodze road project amid concerns over oil revenue use
42 minutes -
Amb. Dr Samuel Ben Owusu calls for urgent action on Ghana’s water security
57 minutes -
Pan Africa AU Agenda 2063 Mission, IAWPA hold Africa Day Leadership Summit in Accra
1 hour -
Akatsi North MP calls for more teacher recruitment as district commissions new projects
1 hour -
Paternity Fraud Laws in Ghana: A balanced alternative to Compulsory Paternity Testing at Birth
1 hour -
Flooding in Accra: Over 30 Years of Doing Nothing
2 hours -
TI Ghana, GIPC intensify media campaign against fronting in business sector
2 hours -
“I suffered beatings, look at my marks” – Evacuated Ghanaian recounts alleged xenophobic attack in South Africa
2 hours -
Afanyi Dadzie Writes: Xenophobia, illegal migration and the hard truths we must face as Ghanaians
2 hours -
The NPP can only secure victory in 2028 with the right leadership choices at every level of the party
3 hours