The Bank of Ghana (BoG) has toughened sanctions on the issuance of dud cheques by customers of banks and Specialised Deposit-Taking Institutions (SDI).
The Central Bank in a notice issued on Thursday, March 11, said it had observed with grave concern, the high issuance of dud cheques by individuals, a malpractice which has consequential effects on the acceptance of cheques for transactions in the country.
In view of that, the BoG has revised its sanctions against such individuals stating that customers of banks and SDIs that issue dud cheques 3 times within a 3 year time frame will be banned from issuing cheques in the country for a minimum of 3 years.
The Bank further instructed banks and SDIs to report to it and the Credit Reference Bureaux, the issuance of a dud cheque by a customer while placing the said customer under surveillance for a minimum period of 3 years.
Find below details of BoG’s notice on Dud Cheque issuance:
Bg Gov Sec 2021 03 Dud Cheque Notice Final for Publication 1 by Fuaad Dodoo on Scribd
