Ghanaian Banks Happy With Central Bank's Ruling On Otc Cash Transaction Limit

ACCRA, Jan 7  -- Commercial banks in Accra have commended the Bank of Ghana (BoG) for tightening and fixing an over-the-counter cash transaction threshold of 5,000 cedis (about 2,100 US dollars), a move aimed at protecting customers, banks and third parties.

The banks, including Ghana Commercial Bank, Barclays Bank and Zenith Bank, said in separate interviews with Ghana News Agency (GNA) that the central bank's directive was a protective measure to reduce fraudulent activities and to limit the level of physical cash in the system.

Shola Safo-Duodu, the Head of Corporate Affairs at Barclays Bank Ghana told the GNA that the bank stood to benefit from the new directive as it would enable it to develop more products to help generate income.

She advised the business community to develop the culture of transacting banking business with cheques and reduce the usage of large amounts of cash. She also urged customers to encourage third party agents to open accounts with the bank for easier business transactions.

-- BERNAMA-NNN-GNA