In a bold move to maintain the integrity of Ghana’s financial system, the Bank of Ghana (BoG) has slapped sanctions on 292 individuals and businesses for repeatedly issuing dud cheques. The offenders, comprising 47 individuals and 245 businesses, ignored prior warnings and continued to issue worthless cheques between January 2022 and January 2024.
The BoG has imposed a three-year ban on these offenders, preventing them from issuing cheques in Ghana and accessing new credit facilities from banks and specialized deposit-taking institutions. This ban takes effect on June 28, 2024.
But that’s not all – the BoG has also warned that these sanctions are in addition to potential legal action under Ghana’s criminal code, which could lead to fines or imprisonment of up to five years.
Banks and financial institutions have been instructed to notify affected customers and collect any unused cheque books. The BoG is sending a strong message: issuing dud cheques will not be tolerated, and offenders will face serious consequences.
By taking this stance, the BoG aims to promote a culture of accountability and ensure the soundness of Ghana’s financial system.
