- BoG has imposed sanctions on 47 individuals
- They repeatedly issued dud cheques
- They will be unable to access new credit facilities
The Bank of Ghana (BoG) has imposed sanctions on 47 individuals and 245 business entities for repeatedly issuing dud cheques.
These individuals and businesses were found to have issued insufficient funds cheques on at least three occasions between January 2022 and January 2024, despite previous warnings.
Effective June 28, 2024, the sanctioned parties are prohibited from issuing cheques in Ghana for a period of three years.
Additionally, they will be unable to access new credit facilities from the banking system for the same duration.
The central bank emphasized that these sanctions do not preclude legal action under the country’s criminal code.
Banks and other financial institutions have been instructed to inform affected customers of the ban and to withhold any unused chequebooks.
The BoG has urged the public to refrain from issuing dud cheques, as it carries both legal and regulatory consequences.
The central bank reiterated its commitment to maintaining the integrity and soundness of the financial system.
