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(1) A bank which fails to hold liquid assets in accordance with section 31 commits an offence and is liable in addition to any other penalty to pay interest to the Bank of Ghana at a rate to be prescribed by the Bank of Ghana on the difference between the total amount of liquid assets which it is required to hold and the total amount of liquid assets held by it, in respect of a period during which a difference exists.

(2) The Bank of Ghana may direct that during a period specified in the direction, the bank

(a) shall discontinue or limit in a manner specified, the granting of credit or the making of investments or capital expenditure, and

(b) shall not distribute dividends to its shareholders.

(3) A bank which makes a fresh advance to a person during the existence of a deficiency in the amount specified of its liquid assets without the approval of the Bank of Ghana shall pay to the Bank of Ghana a fine not exceeding 500 penalty units.

4) A bank which contravenes a provision of this section shall, in addition, be liable to pay to the Bank of Ghana,

(a) in the case of a contravention of subsection (1), a penalty in respect of each day during which the deficiency continues, of an amount calculated as one half per mille of the deficiency which exists on that day; and

(b) in the case of a contravention of subsection (3), a fine of not less than 40 Penalty units for each day that the contravention continues.

(5) The Bank of Ghana may require a bank operating in the country to furnish by a specified date information and in a form that it may consider appropriate to ensure compliance with the requirements of this section.

(6) A bank which fails to furnish the information required under subsection (5) within the period specified shall pay to the Bank of Ghana a fine not exceeding 250 penalty units for each day during which the default continues.

(7) The Bank of Ghana may also levy on the directors or chief executive officer of the non-compliant bank or both, a penalty in respect of each day during which the deficiency continues of an amount calculated as one half per mille of the deficiency which exists on that day or any other amounts that the Bank of Ghana may consider appropriate.