The Bank of Ghana has penalised 245 corporate entities and 47 individuals for severally issuing dud or ineffective cheques despite warnings.
In a public notice on Tuesday, 6 August 2024, BOG said the affected customers issued the cheques at least on three occasions between January 2022 and January 2024.
The Central Bank accordingly sanctioned the offending customers of commercial banks.
“The offenders are accordingly banned from issuing checks in Ghana for three years, effective 28th June 2024; accessing new credit facilities from the banking system for three years with effect from 28th June 2024,” read part of the notice.
Further, the BOG stated that it may commence legal proceedings against the offenders even as advising banks whose customers have been sanctioned to recall any unused chequebooks from them and stop issuing new chequebooks to them.
“The public is by this notice cautioned to desist from dud checks as the offence has both legal and regulatory consequences. The 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 notice added.
Editor’s Note: A dud cheque is a cheque that has been dishonoured by a Bank of Specialised Deposit-Taking Institution on which it is drawn for the reason that the account holder who issued the cheque has inadequate or insufficient funds in their account to pay the amount specified on the cheque.
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