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 on August 6, 2024, said, “The offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28th June 2024 and accessing new credit facilities from the banking system for three years with effect from 28th June 2024.”

The statement also 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 chequebooks from them.

They shall not issue new chequebooks to the affected customers until the sanctions are lifted.

The BoG also 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 promoting the integrity and soundness of the financial system,” the statement added.

Source:citinewsroom.com