Security agencies are investigating a syndicate made up of some West African nationals, including Ghanaians using suspected fake ECOWAS Travellers Cheques to cash cedis at banks in the country. Accordingly, banks have been cautioned to crosscheck before honouring ECOWAS Travellers Cheques.

The Ghana News Agency reports reliable security sources as saying that the Ghanaian economy would suffer heavy financial losses if nothing was done to check the situation. The perpetrators, after cashing the cedis, turn to buy dollars on the open market, causing a rise in the demand for dollars.

According to the source, until ECOWAS Finance Ministers and Central Banks come out with a mechanism to regulate the current system, it could destabilise currencies of member countries operating the monetary union.

The source recommended an in-depth review of the monetary system to ensure that it was complied with, to avert any fraudulent acts. The security source suggested the possible option of setting up limits on how much could be cashed at a stipulated period. The cheques were introduced with the main objective of reducing the risk of carrying huge sums of money for goods and services in the sub-region.

The Ghana News Agency says its investigations revealed that an individual within a few days withdrew almost one billion cedis from the National Investment Bank, while in February this year, about 3 billion cedis had been withdrawn from the same bank by a handful of people.

Meanwhile, two West African nationals whose identities are being withheld are helping the police in their investigation on how they came by large quantities of ECOWAS Travellers Cheques suspected to be fake. Ghana and Nigeria are the only members of ECOWAS who are actively operating the sub-regional travellers cheque system.