BANK OF GHANA
NOTICE TO BANKS AND THE PUBLIC
NOTICE NO. BG/GOV/SEC/2013/02
LIMIT ON OVER-THE-COUNTER CHEQUE PAYMENTS TO THIRD PARTIES
The Bank of Ghana announces that as part of measures to encourage migration to a
cash-lite society and the use of non-cash modes of transaction settlement, it has
decided in consultation with the banking industry, to set limits on the payment of third
party (payees other than the account holder) cheques over-the-counter at banks.
With effect from 2nd July, 2013 cash payments in honour of cheques to third parties at
bank counters shall not exceed Ten Thousand Ghana Cedis (GH¢10,000.00).
The limit does not apply to third party cheques that are presented for the credit of an
account through clearing. It does not also apply where the payee is the drawer of the
cheque. However, customers of banks are encouraged to use the various payment
instruments and products such as cards and mobile money available for transaction
settlement in the banks and at point of sale terminals. In this regard banks and other
financial intermediaries are encouraged to enhance and expand their facilities to aid
the migration.
The Bank of Ghana expects that the implementation of the limit will also reduce the
incidence of fraud and other malfeasance as well as limit the scope for abuse of the
banking system by criminals.
The limit or threshold for encashment of cheques over the counter by third parties
would be reduced further in January 2014.
The general public should take note of the above and be guided accordingly.
(Sgd.)
ANDREW BOYE-DOE
THE SECRETARY
13th June, 2013