BoG sanctions 245 business entities for issuing dud cheques

The Bank of Ghana (BoG) has sanctioned 47 individuals and 245 businesses for issuing bogus checks. 

According to a statement released by the BoG on August 6, 2024, the people and companies violated a notification made 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.

According to the statement, the aforesaid sanctions do not exclude any judicial procedures against the offenders under Ghana's criminal code.

The Bank of Ghana, has thereby advised banks and Specialised Deposit-Taking Institutions (SDIs) whose customers are affected have been instructed to notify the culprits of the restriction and withdraw 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.

Source : Lead News Online