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Bank of Ghana tightens third party cheque payments:

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 to "limit the scope for abuse of the banking system by criminals."

The directive, however, does not apply where the payee is the drawer of the cheque.

Dr Kofi Wampah, Governor of Bank of Ghana

FINANCIAL LITERACY.......
By Joshua Mensah
[President of the Young Investor Network, YIN]

Financial literacy is the ability to make informed judgments and to take effective decisions regarding the use and management of money. Good financial literacy skills help individuals and families make the most of opportunities, meet their goals and secure their financial wellbeing. They are essential for social inclusion. Ensuring people have adequate financial literacy skills means building a foundation in reading and numeracy in school. But this is only the beginning. Studies show that financial literacy programmes work best when they are well targeted and well timed right before a financial decision is made.

Without adequate financial literacy, individuals are at greater risk of taking on too much debt and accumulating too little savings. Since poor financial decisions can carry lasting consequences, financial literacy should be acquired early on.

Both borrowing and saving have large potential upsides. Debt allows us to invest in education or finance the acquisi¬tion of new assets like a home, car, etc. Savings allow us to maintain in retirement the standard of living we enjoyed while work¬ing. However, when we make a financial decision we also expose ourselves to a degree of risk. Financial literacy is about possessing the knowledge and tools to manage these risks, and ensure that the financial choices we make are in our best interests in both the short and long term. Financial literacy, then, should be a lifelong pursuit, and one that it is never too late to enter into.

Passing on financial wisdom to the younger generation is one reason adults need a strong foundation in financial literacy. Better managing their own decisions about debt is another reason why an adequate level of financial knowledge is important.

Most Ghanaians spend between 12 to 20 years in school to acquire qualifications and skills to enable them earn a living (income). Unfortunately, they are not likely to have acquired financial literacy.

Most people owe their success and happiness in life to the good quality foundation laid for them in their early life in terms of education, skills acquisition, and lifestyle (values and character)

The main reason people struggle financially is because they have spent years in school but learnt nothing about money; the result is that they learnt to work for money but never learnt to have money work for them.

To reach your life goals, you must make decisions related to your personal finances, such as which career to pursue, what to buy, how much to save and invest, and where to live. Financial success represents a means to a better quality of life.

Financial security is the most fundamental lifetime objective. It is the comfortable feeling that your financial resources will be adequate to fulfill any needs you have as well as most of your wants. It allows you to have confidence in your money matters and remain free from debt anxiety, or fear about financial concerns

While money doesn’t grow on trees, it can grow when you save and invest wisely. Knowing how to secure your financial well-being is one of the most important things you’ll ever need in life. You don’t have to be a genius to do it. In short, financial literacy is a lifetime pursuit – it must start early and continue to be upgraded through life in order to pay dividends in a com¬fortable retirement.

Copied from Business and Financial Times, Ghana

Financial literacy – the investment of a lifetime Africa's Leading Provider of Business Information, Credible news on business, finance and economy in Ghana and Africa,

How much return (interest) should you expect on your savings? Africa's Leading Provider of Business Information, Credible news on business, finance and economy in Ghana and Africa,

REASONS WHY A BANK MAY DISHONOUR A CHECK/CHEQUE

There are various reasons why bank checks are not being accepted from drawers:

1. Insufficient Fund: When the amount written on a check is more than what the drawer has in his account in the bank.

2.The Death of The Drawer: If the bank receives information of the death of its customer, the bank will not honor any check presented on the account of the dead customer, until further notice.

3. Irregular Signature: If the signature the drawer signs on the check differs from the specimen signature in the bank.

4. Non-Existing Account: Sometimes, swindlers who have no bank account but possess false check books may issue check to those whom they have swindled.

5. Bankruptcy: If one is judged by a law court to be unable to pay his debts in full, the bank will dishonor any check presented on behalf of that customer.

6.Frozen Account: If court orders or a military government decrees that some people's account be frozen, the bank must definitely dishonor all checks bearing the account's numbers.

7.When There is Attention: If anything is cancelled on a check, the bank will dishonor such a check, except the drawer signs his signature above or under the altered word.

8. A Post-Dated Check: If this is presented for payment, the bank will dishonor such a check.

9. A Stale Check: A check that has been delayed for more than six months of the date written on it, if presented for repayment must be dishonored by the bank.

10. If There Is A Difference Between The Amount Written In Words And That in Figures: If for instance, the drawer writes thirty dollars only in words and $20 in figure.

11. When Payment is Stopped: If the drawer asks a bank not to pay a check already issued.

12. Check has torn.

You could also add those you know here for the benefit of the general public. Let's educate ourselves for "lack of knowledge my people perish" Hosea 4:6