Bank of Ghana warns against issuing dud cheques for the third time

Written by; Regina Bless

The Bank of Ghana (BoG) has issued a revised financial literacy notice outlining the consequences for individuals who repeatedly issue dud cheques.

According to the notice, a person who issues a dud cheque for the third time within one year of the first offence will face a levy of 20% of the face value of the cheque. The offence will also be reported to the Credit Reference Bureaus and the Bank of Ghana.

The affected individual will further be banned from issuing cheques for at least three years and will be restricted from accessing new credit facilities from the banking system for one year. The Bank of Ghana will also notify banks and Specialised Deposit-Taking Institutions (SDIs) about the ban.

The BoG is therefore urging the public to avoid issuing cheques without sufficient funds and to ensure that their accounts are adequately funded before issuing cheques.

The revised notice forms part of the Bank of Ghana’s financial literacy efforts to promote responsible banking and protect the integrity of Ghana’s payment system.