The Bank of Ghana(BoG) has imposed sanctions on forty-seven(47) individuals and two hundred and forty-five(245) businesses for issuing dud cheques.
In a statement released on Tuesday, August 6, 2024, the BoG detailed that these actions are in accordance with its Notice No. BG/GOV/SEC/2021/03, dated March 11, 2021, which addresses the issuance of dud cheques.
BoG revealed that the affected parties had issued dud cheques on at least three occasions between January 2022 and January 2024, despite prior warnings.
As a result, they are now banned from issuing cheques in Ghana and accessing new credit facilities from the banking system for three years, starting June 28, 2024.
The Bank of Ghana has cautioned the public against issuing dud cheques, emphasizing that such offenses carry significant legal and regulatory consequences.
BoG added that it remains committed to maintaining the integrity and stability of Ghana’s financial system and will continue to closely monitor the payment system.
“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,” part of the statement read.