The Bank of Ghana (BoG) has announced sanctions against 292 individuals and businesses for consistently issuing bounced cheques. In a statement released today, the central bank stated that the offenders include 47 individuals and 245 business entities who issued bounced cheques on at least three occasions between January 2022 and January 2024, despite prior warnings.
The sanctions include a three-year ban on issuing cheques in Ghana and accessing new credit facilities from any bank or specialized deposit-taking institution (SDI) in the country. The ban comes into effect on June 28, 2024.
The BoG emphasized that these sanctions are in addition to potential legal action under Ghana’s criminal code. Banks and Specialised Deposit-Taking Institutions (SDIs) have been instructed to notify affected customers and collect any unused chequebooks.
“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 said.
By: Kweku Zurek