Bank of Ghana sanctions 47 individuals, 245 business entities for issuing dud cheques

The Bank of Ghana has taken enforcement action against 47 individuals and 245 business entities for issuing dud cheques. A statement released on August 6, 2024, reveals that these entities breached a notice published in March 2021 by issuing dud cheques on multiple occasions between January 2022 and January 2024, despite warnings.

As a result, they are now banned from issuing cheques in Ghana for three years, the effective June 28, 2024, and will not have access to new credit facilities for the same period. The sanctions are without prejudice to any legal proceedings that may be taken 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.