The Bank of Ghana has rolled out revised measures to curb the issuance of dud cheques, warning that offenders face escalating penalties, bans, and long‑term damage to their creditworthiness.
Under the new framework, first‑time offenders will be charged 10 percent of the cheque’s face value and reported to both the Credit Reference Bureaus and the Central Bank. A second offence within a year attracts a 15 percent levy, another warning, and further reporting.
The sanctions intensify for repeat offenders. A third offence within a year results in a 20 percent levy, a minimum three‑year ban from issuing cheques, and a one‑year restriction on accessing new credit facilities. Banks are also required to recall unused cheque books and halt issuance of new ones until sanctions are lifted.
Beyond financial penalties, the Bank of Ghana cautions that adverse reports to credit bureaus will tarnish offenders’ credit scores, raise borrowing costs, and limit access to funds. Individuals who fail to return unused cheque books after notification risk being listed in the Central Bank’s directory of high‑risk cheque issuers and banned from operating current accounts.
The Central Bank emphasized that “a little planning can save you the financial and legal consequences of issuing a dud cheque,” urging account holders to monitor balances, track issued cheques, and consult banks promptly if funds are insufficient.
The revised notice forms part of the Bank’s broader financial literacy campaign aimed at promoting responsible banking practices and safeguarding the integrity of Ghana’s payment systems.
Find out more here: https://www.bog.gov.gh/…/Financial-Literacy-Revised-Dud…
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