BoG sanctions 47 individuals, 245 businesses over dud cheques

The Bank of Ghana has sanctioned 47 individuals and 245 business entities for continuous issuance of dud cheques.

The Central Bank notes that 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.

A statement from the BoG yesterday, August 6, 2024 and signed by Ms Sandra Thompson explained that, the 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.

The BoG also cautioned the public to desist from issuing dud cheques as the offence has both legal and regulatory consequences adding that, there would be no new cheque-books to the affected customers until the sanctions are lifted.

“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 offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28th June 2024” it said adding that the offenders will also not be able to access new credit facilities from the banking system for three years with effect from 28th June 2024” part of the statement reads.

It concluded, “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”.