The Bank of Ghana has sanctioned 47 individuals and 245 businesses for issuing fraudulent cheques.
According to a BoG statement dated August 6, 2024, these parties violated a directive that was issued in March 2021.
“The affected bank customers issued dud cheques on at least three occasions between January 2022 and January 2024, despite warnings about the consequences of their actions”.
“The offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28th June 2024” it said adding that the offenders will also not be able to access new credit facilities from the banking system for three years with effect from 28th June 2024.
The statement made it clear that these penalties do not exclude any legal measures that might be taken against the violators under Ghana’s criminal code.
The BoG mentioned that banks and Specialised Deposit-Taking Institutions (SDIs) whose clients are involved in these infractions have been directed to notify the offenders of the ban and collect all unused cheque books from them.
“They shall not issue new cheque books to the affected customers until the sanctions are lifted. 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 concluded.