The Bank of Ghana (BoG) has imposed sanctions on 292 individuals and businesses for repeatedly issuing bounced cheques.
According to a statement released on Tuesday, August 6, the offenders include 47 individuals and 245 businesses that issued dud cheques at least three times between January 2022 and January 2024, despite previous warnings.
The sanctions include a three-year ban on issuing cheques in Ghana and on accessing new credit from any bank or specialized deposit-taking institution (SDI). This ban will start on June 28, 2024.
The BoG also noted that these sanctions are in addition to possible legal actions under Ghana’s criminal code.
Banks and SDIs are required to notify affected customers and collect any unused chequebooks.
“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 said.
