GAB Advocates for Publication of Sanctioned Businesses and Individuals by BoG
The Ghana Association of Banks (GAB) has called on the Bank of Ghana (BoG) to publicly disclose the names of businesses and individuals sanctioned for issuing dud cheques, urging that the names be published in national newspapers.
The GAB believes this measure will help restore confidence in the use of cheques as a reliable payment method.
John Awuah, Chief Executive of the GAB, expressed this position during an interview on PM Express Business Edition on Thursday, August 8, 2024.
He emphasized that public disclosure would not only act as a deterrent but also reinforce the seriousness of issuing dud cheques, which is a criminal offense under Ghana’s Criminal Offenses Act.
“It is not just a central bank directive, but it is actually in the Criminal Offenses Act. It’s a crime to issue dud cheques and this is so important because of the potential of taking away the trust in that instrument”, he quipped.
The backdrop to this demand is the BoG’s recent sanctioning of 47 individuals and 245 business entities for repeatedly issuing dud cheques.
The BoG announced on August 6, 2024, that these offenders, who issued dud cheques on at least three occasions between January 2022 and January 2024, are banned from issuing cheques and accessing new credit facilities from the banking system for three years, effective June 28, 2024.
Mr. Awuah highlighted the detrimental impact of dud cheques on the payment ecosystem, noting that the practice undermines trust in cheques as a payment instrument and has led to financial losses for many businesses.
He urged the BoG to take all necessary actions to maintain confidence in the use of cheques and supported the imposition of sanctions to address the issue.
However, Seth Twum Akwaboah, Chief Executive of the Association of Ghana Industries, expressed concern about the impact of these sanctions on the operations of businesses, particularly their ability to secure new credit.
