The Bank of Ghana (BoG) has sanctioned 47 individuals and 245 business entities for the repeated issuance of dud cheques.
According to the central bank, these bank customers issued dud cheques on at least three occasions between January 2022 and January 2024, despite being warned about the consequences of their actions.
In a statement released on August 6, 2024, the BoG announced that the offenders are banned from issuing cheques in Ghana for three years, effective June 28, 2024.
Additionally, they are prohibited from accessing new credit facilities from the banking system for the same period.
The statement clarified that these sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code.
Banks and Specialised Deposit-Taking Institutions (SDIs) whose customers are involved have been instructed to notify the culprits of the ban and recall all unused chequebooks from them.
These financial institutions are also directed not to issue new chequebooks to the affected customers until the sanctions are lifted.
The BoG cautioned the public against issuing dud cheques, highlighting the legal and regulatory consequences of such actions.
The central bank reaffirmed its commitment to monitoring the payment system space closely and promoting the integrity and soundness of the financial system.
