The Bank of Ghana has warned the public to refrain from issuing fraudulent cheques as this act carries both legal and regulatory repercussions. The central bank affirmed its commitment to closely monitoring the payment system sector and upholding the integrity and stability of the financial system.
In response to violations of the law regarding dud cheques, the Bank of Ghana levied penalties against 47 individuals and 245 businesses. A dud or bounced cheque is defined as a cheque that has been dishonored by a Bank or Specialised Deposit-Taking Institution due to insufficient funds in the account of the issuer to cover the specified amount on the cheque.
The implicated bank clients issued dishonored or bounced cheques on a minimum of three occasions between January 2022 and January 2024, despite being cautioned about the repercussions of their actions, as stated by the Bank of Ghana on Tuesday, August 6.
Consequently, these individuals are prohibited from: a) Dispensing cheques in Ghana for a span of three years, commencing from June 28, 2024. b) Availing themselves of fresh credit facilities from the banking sector for a period of three years, effective June 28, 2024. The central bank emphasized that these penalties do not preclude any legal actions that may be pursued against the culprits under Ghana’s criminal statute.
“Banks and (SDIs) whose customers are involved have been directed to notify the culprits of the ban and recall all unused cheque books from them. 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 said.
