By: Kekeli K. Blamey
The Bank of Ghana has penalized 245 businesses and 47 individuals for issuing dud cheques over a two-year span. The Bank reported that these customers issued dud cheques at least three times between January 2022 and January 2024, despite being warned about the repercussions.
On March 11, 2021, the Bank issued a notice warning about potential sanctions for such actions.
The sanctions, announced in a public notice, include a three-year ban from issuing cheques in Ghana and accessing new credit facilities from the banking system, effective June 28, 2024.
“These sanctions are in addition to any legal proceedings that may be taken against the offenders under Ghana’s criminal code,” the notice stated.
The Bank of Ghana instructed Banks and Specialised Deposit-Taking Institutions (SDIs) with involved customers to inform the offenders of the ban and retrieve all unused cheque books from them.
“They shall not issue new cheque books to the affected customers until the sanctions are lifted,” the notice emphasized.
The Bank has advised the public to avoid issuing dud cheques due to the legal and regulatory consequences.
“The Bank of Ghana will continue to closely monitor the payment system and is dedicated to maintaining the integrity and stability of the financial system,” the statement concluded.
