As a result of writing fake checks, the Bank of Ghana has sanctioned 245 companies and 47 individuals.
The people and organisations violated a notice that was published in March 2021, according to a statement released by the BoG on August 6, 2024.
“The affected bank customers issued dud cheques on at least three occasions between January 2022 and January 2024, despite warnings about the consequences of their actions”.
“The offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28th June 2024” it said adding that the offenders will also not be able to access new credit facilities from the banking system for three years with effect from 28th June 2024.
According to the statement, the aforementioned penalties do not affect any potential legal action that Ghana’s criminal code may take against the offenders.
The BoG states that banks and Specialised Deposit-Taking Institutions (SDIs) whose clients are involved have been instructed to recall all unused chequebooks from the offenders and to inform them of the restriction.
“They shall not issue new cheque books to the affected customers until the sanctions are lifted. 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”, the statement concluded.
