(1) Subject to subsection (2) where in any existing enactment

(a) provision is made for the imposition of an amount of cedis as a fine or penalty for the contravention of any provision in the enactment; and

(b) the existing fine is of an amount specified in column 1 of Schedule 2 to this Act there shall be substituted for the fine the new maximum fine specified in relation to it in column 2 of Schedule 2 and the new fine shall be expressed and read as the number of penalty units corresponding provided in column 3 of the Schedule.

(2) Subsection (1) does not apply to-

(a) any existing enactment which came into force on or after 1st January 1997; or

(b) any fines in any existing enactment amended since 1st January 1997.

(3) Where any existing enactment to which subsection (1) would have applied, but for the exclusion in subsection (2) has a provision of an amount of fine expressed in currency, the amount shall upon the coming into force of this Act be read and construed as calculated in terms of the equivalent of a number of penalty units based on the value of one penalty unit as specified in Schedule 1.