BoG Sanctions 245 Businesses For Issuing Dud Cheques

Dr. Ernest Addison – BoG Governor

 

The Bank of Ghana (BOG) has imposed sanctions on 245 business entities and some 47 individuals for issuing dud cheques.

A statement from the BoG on 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 statement said.

The Central Bank Therefore banned the offenders from issuing cheques for the next three years.

“The offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28^th June 2024,” it said.

The central bank further noted that the offenders will not be able to access new credit facilities from the banking system for three years also with effect from 28^th June 2024.

The statement explained that the above sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code.

According to the BoG, 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 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.

A Daily Guide Report

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