By Seli Baisie
The Bank of Ghana (BoG) has imposed sanctions on 47 individuals and 245 businesses for repeatedly issuing dud cheques.
In a statement released today, the central bank identified 47 individuals and 245 business entities who issued dud cheques at least three times between January 2022 and January 2024, despite previous warnings.
The sanctions include a three-year ban on issuing cheques in Ghana and obtaining new credit facilities from any bank or specialized deposit-taking institution (SDI) in the country. The ban is effective from June 28, 2024.
The BoG noted that these penalties are in addition to potential legal actions under Ghana’s criminal code. Banks and SDIs have been instructed to notify affected customers and retrieve any unused cheque books.
“The public is hereby cautioned to desist from issuing dud cheques as the offence carries both legal and regulatory consequences. The Bank of Ghana will continue to monitor the payment system closely and remains committed to promoting the integrity and soundness of the financial system,” the statement read.
