Banks Praise BoG’s Directive On OTC Cash Transaction

News: Commercial banks have praised the Bank of Ghana's (BoG) decision to fix an over-the-counter (OTC) cash transaction threshold of GHS5,000 (US$2,100). The banks consider this as a move intended to protect customers, banks and third parties. The BoG's directive was a defensive measure to decrease false activities and restrict the level of physical cash in the system, reports Ghana News Agency (GNA), citing statements by the banks, including Ghana Commercial Bank, Barclays Bank Ghana and Zenith Bank. The bank will benefit from the new directive as it would facilitate in developing more products to help generate revenue, GNA reports, citing Barclays Bank Ghana's Head of Corporate Affairs Shola Safo-Duodu (Bernama).

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Geography: Ghana

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