Godwin, university of education Winneba. kumasi Campus

1. Our focus was mainly on Ghana Commercial Bank as one of the government institutions in Ghana.
It is a state own bank who accepts deposits from the general public and gives out loans under
reasonable terms and conditions to the public, and also engages in other banking activities which
go beyond just inflow and outflow of cash/money. Its purpose is to ensure that there is a stability
in the nation’s economy through effective and reliable flow of money and banking. It also works
with other public institutions especially when it comes to payment of salaries of staffs and other
monetary undertakings by these institutions. They have various branches across the country
especially at the principal areas in Ghana.
The constitution of Ghana specifies various types of sanctions that can be used to deal with
individuals who engage in any breach of financial discipline in all the state owned institutions
which the Ghana Commercial Bank is one of them. The Ghana Commercial Bank takes all
conscious efforts to check on all maneuvering and underground dealings that goes on among its
staffs and for that matter has devised necessary procedures and methods to deal with such
incidents.
In the preparation of final accounts for a period, the auditors show much interest in assessing the
validity of the information provided by the accountants. They see to it that there is a significant
correlation between records and all physical evidence. Here, any deviations will call for an
explanation and it should be tangible enough beyond reasonable doubt to convince the auditing
body otherwise the accountant or any victim of the maneuvering would be held liable for the
amount due as the results of the misappropriation. This would statutory require them to face the
necessary penalty by;
i. Settling the amount arising from the maneuvering with an interest. When the quantum of the
amount is relatively lower, then it could be reasonable to make the victims pay the amount they
are liable of with an interest within a time frame.
ii. Transfer from one branch to another branch is also a tool to sanction individuals who engage
in financial indiscipline. This is executed in such a way that the branch you would be
transferred to is comparatively of lower standard than your current working place. Here your
responsibility would be limited and the salary would be reduced reasonably.

2. iii. At times, the degree of the fraudulent act of individual is very high and base on that it compels
the government to withdraw the license that makes him a certified staff and makes sure that he
would not in any way engage into a banking activity irrespective of the type or class of bank.
iv. Individuals who breach financial discipline are imprisoned after a court judgement and it
happened strictly as stated in the constitution. This normally happens when the assets of the
victim would not in any way compensate the amount as the result of the fraud when the time
frame for payment elapses. At times the only alternate is to imprisoned the individual in other
to sanction the act.
v. People are sometimes made to face dual sanctions. This means they settle the amount as a
result of the breach and also are imprisoned after court judgement.
vi. Individuals who breach financial discipline are totally dismissed from the institution pertaining
to the bases under which the fraudulent act took place. It is clearly stated that all deliberate
efforts or activities which will result to misappropriation of funds would not be pardoned and
the sanction is emphasized.
vii. Demotion is one of the tools used to sanction individuals who breach financial discipline
especially in the banking institutions like the Ghana Commercial Bank. Victims are made to
leave their current rank and moved to a lover rank which demands less authority and
responsibility with lower remuneration. This happens at the same branch.