- The Bank of Ghana has imposed a three-year ban on cheque issuance and credit access
- The BoG's action is aimed at discouraging the practice of issuing dud cheques
- The BoG is protecting the public from potential fraud
The Bank of Ghana has imposed sanctions on 47 individuals and 245 business entities for repeatedly issuing bad cheques.
The Central Bank observed that these individuals and entities issued cheques with insufficient funds on at least three separate occasions between January 2022 and January 2024, despite prior warnings about the consequences.
In a statement released on August 6, 2024, the BoG announced that the offenders are prohibited from issuing cheques in Ghana and accessing new credit facilities for three years, effective June 28, 2024.
These sanctions are in addition to any potential legal action under Ghana’s criminal code.
The BoG has instructed banks and Specialised Deposit-Taking Institutions (SDIs) to notify the affected customers of the ban and to retrieve all unused chequebooks.
Affected customers will not be issued new chequebooks until the sanctions are lifted.
The BoG emphasized the importance of adhering to cheque issuance regulations and warned the public of the serious legal and regulatory repercussions of issuing bad cheques.
The statement reaffirmed the Bank’s commitment to maintaining the integrity and stability of the financial system.
