The Ghanaian Chronicle

The Bank of Ghana transferred a little over one billion cedis ($436,302.99) as penalties charged on loans overdue for payments during the first half of 1997 reports the Ghanaian Chronicle.

The paper quotes Auditor Generals report on statement of foreign exchange receipts and payments of the Bank, laid before Parliament last Tuesday.

The report the paper said, linked late transfers of funds for repayment of loans to delay in submission of loan repayment authorisation and applications to the Bank from the Controller and Accountant-General's Department.