Banking Consultant Dr. Richmond Atuahene has commended the Bank of Ghana (BoG) on its recent action against individuals and businesses having issued dud cheques.
Speaking on ABC News Ghana today, Dr. Atuahene said “I commend the Bank of Ghana, although its too late but they have done very well to ensure that people who issue dud checks will not even have access to accounts let alone operating accounts with the banks.”
Also he commended the bank for introducing the system ‘Know your customer and customer businesses’.
According to him, “the system has been set well in place for the banks to make aware and conscious that these fraudsters are parading in the corridors to drive business away.”
“So at least what the bank is doing will enhance the confidence of people who issue checks,” he added.
This crackdown is part of BoG’s ongoing efforts to uphold the integrity of the financial system and enforce compliance with banking regulations.
In a statement released on August 6, 2024, the BoG detailed the sanctions imposed on the offenders.
“The offenders are accordingly banned from issuing cheques in Ghana for three years, effective 28th June 2024, and accessing new credit facilities from the banking system for three years with effect from 28th June 2024,” the statement read.
The BoG made it clear that these sanctions do not exempt the offenders from facing legal action under Ghana’s criminal code.
The BoG has instructed banks and Specialised Deposit-Taking Institutions (SDIs) involved to notify the affected customers of their sanctions and to recall all unused chequebooks.
The central bank also warned the public against issuing dud cheques, emphasizing the serious legal and regulatory consequences of such actions.
The BoG reiterated its commitment to closely monitoring the payment system and ensuring the financial system’s soundness.
“Bank of Ghana will continue to monitor the payment system space closely and is committed to promoting the integrity and soundness of the financial system,” the statement concluded.
