BoG imposes sanctions on 47 individuals, 245 businesses for issuing dud cheques

The Bank of Ghana has imposed sanctions on forty-seven (47) individuals and two- hundred and forty-five (245) business entities for the issuance of dud cheques.

The Central Bank issued a notice on March 11, 2021, against the issuance of dud cheque.

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.

According to the BoG, the offenders are accordingly banned from:

a) Issuing cheques in Ghana for three years, effective 28th June 2024.

b) Accessing new credit facilities from the banking system for three years with effect from 28th June 2024.

“The above 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 directed to notify the culprits of the ban and recall all unused chequebooks from them. They shall not issue new chequebooks to the affected customers until the sanctions are lifted,” the Bank noted.

"The public is by this notice, cautioned to desist from issuing dud cheques as the offence has both legal and regulatory consequences," it added.

The BoG said it will continue to monitor the payment system space closely and is committed to the promotion of the integrity and soundness of the financial system.

SSD/NOQ

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