Bank of Ghana Sanctions 47 Individuals, 245 Business Entities for Repeated Issuance of Dud Cheques
The Bank of Ghana has imposed stringent sanctions on 47 individuals and 245 business entities for repeatedly issuing dud cheques between January 2022 and January 2024, despite prior warnings.
These punitive measures come in response to violations outlined in the Bank’s Notice No. BG/GOV/SEC/2021/03 dated March 11, 2021.
According to the Central Bank, effective June 28, 2024, the sanctioned parties are subject to a three-year cheque issuance ban with the affected individuals and business entities prohibited from issuing cheques within Ghana.
Furthermore, the sanctioned parties face a three-year credit facility ban with restrictions put in place to prevent them from accessing new credit facilities from the banking system.
These regulatory actions do not preclude potential legal proceedings under Ghana’s criminal code.
Affected banks and Specialised Deposit-Taking Institutions (SDIs) have been directed to inform the sanctioned customers, recall all unused cheque books, and halt the issuance of new ones until the sanctions are lifted.
This decisive move by the Bank of Ghana is part of the central bank’s ongoing commitment to ensuring the integrity and robustness of the nation’s financial system.
