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- Forty-seven individuals and 245 business entities have been sanctioned by the Bank of Ghana for issuing dud cheques
- The Bank of Ghana said the offenders breached a March 2021 notice warning that such actions could face sanctions
- The central bank said as a result of their actions, the offenders are banned from issuing cheques in Ghana for three years
Forty-seven individuals and 245 business entities have been sanctioned by the Bank of Ghana for issuing dud cheques.
The Bank of Ghana said the individuals and entities breached a March 2021 notice warning that such actions could face severe penalties in the future.
In a statement announcing the sanctions, the central bank, per a Myjoyonline.com report, stated that the affected bank customers issued dud cheques on at least three occasions between January 2022 and January 2024.
The central bank said as a result of their actions, the offenders are banned from issuing cheques in Ghana for three years.
The ban takes effect from June 28, 2024.
Offenders have also been banned from accessing new credit facilities from the banking system for three years, starting June 28, 2024.
According to the Bank of Ghana, the sanctions are without prejudice to any legal proceedings that may be filed against the offenders under Ghana’s criminal code.
The central bank also urged banks and Specialised Deposit-Taking Institutions (SDI) whose customers have been affected by the ban to notify them and recall all unused chequebooks from them.
The institutions have also been warned not to issue new chequebooks to affected customers till the ban is lifted.
The Bank of Ghana further warned the Ghanaian public from issuing dud cheques as the offender is likely to face both legal and regulatory consequences.
The central bank said it will continue to monitor the payment system space closely and ensure the integrity and soundness of the financial system.
BoG directs forex bureaus to check for Ghana cards
The Bank of Ghana is mandating that all licensed Foreign Exchange Bureaus check for Ghana cards before transacting business with any person.
Foreigners will be required to present their passports before similar transactions are completed.
According to a statement from the central bank, this directive will take effect from August 1, 2024.
This directive followed the Bank of Ghana’s launch of a centralised foreign exchange trading platform to ensure the integrity and development of the financial system.
BoG shuts down Dek-Nock
YEN.com.gh reported that the Bank of Ghana, with the help of the Ghana Police Service, has shut down two offices of Dek-Nock Investments.
Dek-Nock Investments is allegedly involved in unauthorised deposit-taking in contravention of Section 6(1) of Act 930.
The BoG has assured Ghanaians it will continue to clamp down on illegal financial activities in the country.
YEN