The Bank of Ghana (BoG) has imposed sanctions on 47 individuals and 245 businesses for repeatedly issuing dud cheques, in violation of the Bank’s Notice No. BG/GOV/SEC/2021/03 dated March 11, 2021.
The offenders, who were found to have issued dud cheques on at least three occasions between January 2022 and January 2024, now face a three-year ban on cheque issuance in Ghana and a three-year prohibition on accessing new credit facilities from the banking system. These sanctions, effective from June 28, 2024, were announced by the central bank on August 6.
In its press release, BoG stated that these measures are in addition to any potential legal proceedings under Ghana’s criminal code. Financial institutions, including banks and Specialised Deposit-Taking Institutions (SDIs), have been instructed to notify the offenders, recall all unused chequebooks, and halt the issuance of new chequebooks to the affected customers until the sanctions expire.
The central bank has issued a public warning against the issuance of dud cheques, highlighting the severe legal and regulatory consequences. The institution reaffirmed its commitment to maintaining the integrity and soundness of the financial sector through vigilant monitoring of the payment system.
Below is the full statement by the Bank of Ghana
