The Bank of Ghana(BoG) has sanctioned 47 individuals and 245 businesses for issuing dud cheques.
A statement from the central bank on Tuesday, August 6, 2024, said the individuals and the entities breached a notice which was 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”.
“The offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28th June 2024,” the apex bank said, adding that the offenders will also not be able to access new credit facilities from the banking system for three years with effect from June 28, 2024.
The statement clarified that these sanctions are in addition to any potential legal actions under Ghana’s criminal code.
The BoG has also instructed banks and Specialised Deposit-Taking Institutions (SDIs) to inform customers about the ban and retrieve any unused chequebooks from those affected.
“They shall not issue new chequebooks to the affected customers until the sanctions are lifted. The public is by this Notice, cautioned to desist from issuing dud cheques as the offence has both legal and regulatory consequences.
“Bank of Ghana will continue to monitor the payment system space closely and is committed to the promotion of the integrity and soundness of the financial system,” the statement concluded.