The Bank of Ghana has taken decisive action against individuals and businesses that have breached its guidelines on the issuance of dud cheques.
A total of 47 individuals and 245 business entities have been sanctioned for their involvement in this illicit activity.
Effective June 28, 2024, the offenders have been prohibited from issuing cheques in the country for a period of three years.
Additionally, they will not be eligible to access new credit facilities during this time.
A notice issued by the Secretary to the Central Bank, Sandra Thompson, emphasized that these sanctions are without prejudice to any legal proceedings that may be taken against the offenders.
This implies that further legal action may be taken against those who have been sanctioned.
The notice also directs banks and specialized deposit-taking institutions (SDIs) to notify their customers who have been involved in issuing dud cheques of the ban.
These financial institutions are required to recall all unused cheque books from the affected customers and refrain from issuing new cheque books until the sanctions have been lifted.
Furthermore, the Bank of Ghana has cautioned the public against issuing dud cheques, emphasizing the severity of the consequences for those who engage in this practice.
BY Daniel Bampoe