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 respond to violations outlined in the Bank’s Notice No. BG/GOV/SEC/2021/03 dated March 11, 2021.
Effective June 28, 2024, the sanctioned parties face a three-year ban on cheque issuance, prohibiting them from issuing cheques within Ghana.
Additionally, they are subject to a three-year ban on accessing new credit facilities from the banking system.
The Central Bank stated that 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.
