BoG Bans 245 Businesses for Issuing Dud Cheques

The Bank of Ghana (BoG) has imposed bans and limitations on 245 business and 47 individuals after they breached directives regarding the issuance of dud cheques.

These individuals and businesses are said to have issued dud cheques on at least three occasions between January 2022 and January 2024, despite warnings about the consequences of their actions.

The offenders will for the next three years be restricted from issuing cheques and accessing credit facilities from the banking sector.

“Bank of Ghana wishes to inform the public that in accordance with the Bank’s Notice No. BG/GOV/SEC/2021/03 dated 11th March 2021, on the issuance of dud cheques, it has imposed sanctions on forty-seven (47) individuals and two-hundred and forty-five (245) business entities for breaching the above Notice.”

The offenders whose bans took effect on June 28, 2024, will be informed by their Banks and Specialised Deposit-Taking Institutions (SDis), while, the institutions have been notified against the issuance of new cheque books to them in course of the sentence.

“The above sanctions are without prejudice to any legal proceedings that may be taken against the offenders under Ghana’s criminal code,” it noted.

The Bank furthered, “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.”