245 businesses, 47 individuals banned from issuing cheques in Ghana
The Bank of Ghana (BoG) has announced sanctions against 245 businesses and 47 individuals for breaching its rules on the issuance of dud cheques.
According to a press statement issued by the BoG, the affected bank customers issued dud cheques on at least three occasions between January 2022 and January 2024, despite repeated warnings about the consequences of their actions.
The BoG cited Notice No. BG/GOV/SEC/2021/03 dated March 11, 2021, which outlines the regulations concerning dud cheques. As a result of the breaches, the regulator disclosed that” the offenders are banned from issuing cheques in Ghana for three years, effective June 28, 2024. Additionally, they are prohibited from accessing new credit facilities from the country’s banking system for the same duration.”
“The sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code,” the BoG stated.
Banks and Specialised Deposit-Taking Institutions (SDIs) whose customers were involved have been directed to notify the culprits of the ban and recall all unused cheque books from them. The institutions are also prohibited from issuing new cheque books to the affected customers until the sanctions are lifted.
The BoG’s statement further cautioned the public against issuing dud cheques, emphasizing that the offence carries 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.
The sanctions aim to uphold the integrity of the financial system and serve as a deterrent to others who might consider engaging in similar activities.
