The Bank of Ghana has sanctioned 245 businesses and 47 individuals for issuing dud cheques within a two year period.
According to the Bank, 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.
On March 11, 2021, the Bank issued a notice warning of sanctions for culprits.
Sanctions announced in a public notice include ban from issuing cheques in Ghana and accessing new credit facilities from the banking system for three years, effective June 28, 2024.
“The above sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code,” the notice indicated.
BoG said 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 notice highlighted.
It has cautioned the public 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 said.
