The Ghana Association of Banks (GAB) has urged the Bank of Ghana (BoG) to publicly disclose the names of businesses and individuals penalised for issuing dud cheques.
GAB Chief Executive John Awuah says the publication in national newspapers will restore trust in cheques as a reliable payment method.
Speaking on Joy News’ PM Express Business Business, he stated that such public disclosure would act as a strong deterrent.
“If someone sees their neighbour’s name on this list, it will ensure they avoid making the same mistake,” Awuah said.
He pointed out that many of the offenders have been repeating culprits over the years, noting that issuing dud cheques is not only a violation of central bank regulations but also a crime under the Criminal Offenses Act.
“Issuing dud cheques undermines trust in the payment system, which is why this issue is so critical,” he stressed.
On August 6, 2024, the central bank announced sanctions against 47 individuals and 245 businesses for repeatedly issuing dud cheques between January 2022 and January 2024, despite prior warnings.
These offenders are now banned from issuing cheques and accessing new credit facilities in Ghana for three years, effective June 28, 2024.
Awuah warned that the continued issuance of dud cheques could lead to a broader rejection of cheques as a payment method, which would have serious repercussions for the financial ecosystem.
He urged regulators to take firm action to prevent further erosion of confidence in the payment system.
Also on the same show, Seth Twum Akwaboah, Chief Executive of the Association of Ghana Industries, echoed Awuah’s concerns, particularly regarding the impact of the BoG’s sanctions on businesses’ ability to secure new credit from banks over the next three years.
myjoyonline.com
