The Bank of Ghana has imposed sanctions on 47 individuals and 245 business entities for issuing dud cheques.
In a statement released on August 6, 2024, the BoG indicated that, these individuals and entities violated a notice published in March 2021.
“The affected bank customers issued dud cheques on at least three occasions between January 2022 and January 2024, despite warnings about the consequences of their actions.”
“As a result, the offenders are banned from issuing cheques in Ghana for three years, effective June 28, 2024,” the statement added. Additionally, the offenders will be barred from accessing new credit facilities from the banking system for three years, starting from June 28, 2024.
The statement further explained that, these sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code.
The BoG has instructed banks and Specialised Deposit-Taking Institutions (SDIs) whose customers are involved to notify the culprits of the ban and to recall all unused cheque books from them.
“They shall not issue new cheque books to the affected customers until the sanctions are lifted. The public is hereby cautioned to desist from issuing dud cheques as the offence has both legal and regulatory consequences. The Bank of Ghana will continue to monitor the payment system closely and is committed to promoting the integrity and soundness of the financial system,” the statement concluded.
