Punish dud cheque givers to keep investors’ confidence – Sethi

An international industrialist has asked Ghanaian law enforcement  agencies and investment promotion  bodies to immediately address the rise in the use of dud cheques in local business transactions.

Mr Charanjeet Sethi, Chairman, Sethi Brothers Group of Companies, told the Ghana News Agency that high profile businessmen are getting more involved  in the financial fraudulent act which used to be the preserve of  hustlers who needed a quick fix in life.

“I have been a victim of this heinous financial crime on many occasions. In one instance, the person who is a trusted businessman give me more than four cheques which all bounced. He was buying my property,” he said.

According to him, cheques cannot be avoided especially in business transactions involving huge sums of money which cannot be carried adding that cheques should be as good as cash in any enlightened financial system.

“Carrying cash or keeping cash in the home or office is a very risky activity. Tema for Instance has witnessed armed robberies and even the murder of victims who were carrying money that they have withdrawn from the bank.

Some may argue that the banking sector does not make transactions facilitated by cheques convenient but I know that new measures put in place by the Bank of Ghana have drastically reduced delays in cashing cheques,” according to him.

Mr Sethi said investors are always assessing middle income countries like Ghana and would want do business in Ghana but when such criminalities go unchecked, they could stay away.

“It is not just a criminal issue but a huge national image issue which could define rather unjustifiable, Ghana as a bad destination for business. Ghanaians are great people. They must get rid of those who seek to put them in the negative light,” he opined.

Source: GNA