The Bank of Ghana (BoG) has announced the imposition of sanctions on 47 individuals and 245 business entities for the issuance of dud cheques. This decisive action comes in response to a significant breach of the bank’s regulations regarding cheque issuance, with effects set to take place from June 28, 2024.
The official notice, signed by Sandra Thompson, Secretary to the Central Bank, revealed that these offenders will face a three-year ban on issuing cheques as well as on accessing new credit facilities. The measures reflect the BoG’s commitment to promoting responsible banking practices and maintaining consumer protection in the financial sector.
In addition to the imposed sanctions, the notification outlines that banks and specialized deposit-taking institutions (SDIs) must inform their customers of the ban. They are instructed to recall all unused cheque books from the affected individuals and businesses. The directive further emphasizes that these institutions are prohibited from issuing new cheque books to the offenders until the sanctions are lifted.
The Bank of Ghana has made it clear that these sanctions are not mutually exclusive to potential legal actions against the offenders, reinforcing its stance on accountability in financial transactions. The BoG is urging the public to exercise caution and refrain from issuing dud cheques, highlighting the detrimental impact such actions can have on credibility and trust within the banking system.
As the financial landscape continues to evolve, the Bank of Ghana’s proactive measures signal a strong commitment to fostering a sound economic environment and ensuring that all participants adhere to established regulations.
Godwin Owusu Frimpong
