The Central bank has announced stringent sanctions against 47 individuals and 245 business entities for repeatedly issuing dud cheques.
This action aims to uphold the integrity and soundness of the country’s financial system.
A statement issued by the Bank of Ghana (BoG) signed by its secretary, Sandra Thompson revealed that the offenders issued dud cheques on at least three occasions between January 2022 and January 2024, despite receiving multiple warnings about the consequences of their actions.
According to the BoG, effective June 28, 2024, the sanctioned individuals and business entities face two major restrictions including being banned from issuing cheques in Ghana for three years.
Also, they are prohibited from accessing new credit facilities from the banking system for the same duration.
“The above sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code,” the BoG noted emphasising the gravity of the offence.
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 cheque books from them.
“They shall not issue new cheque books to the affected customers until the sanctions are lifted,” the statement further ntoed.
The BoG also cautioned the public to desist from issuing dud cheques, highlighting that such offences carry both legal and regulatory consequences.
“The 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 added.
END
