Dud cheque issuers risk 1-year credit ban under new BoG rules

Customers who repeatedly issue invalid cheques may face a one-year ban on accessing new credit from banks and financial institutions, according to new rules from the Bank of Ghana (BoG). Repeat offenders could be barred from issuing cheques for up to three years. These penalties apply to customers who issue an invalid cheque for the third time.

The BoG announced the updated measures in a notice on September 7, 2026. Offenders will also face a 20% levy equivalent to the face value of the invalid cheque. The central bank will inform all banks and Specialized Deposit-Taking Institutions (SDIs) when a customer is banned from new credit. For a first offense, banks and SDIs must impose a 10% levy and warn the customer about the consequences of repeating the offense.

A second offense within a year triggers a 15% levy and another warning. The BoG also reminds banks and SDIs to report all cases of invalid cheques to Credit Reference Bureaus under the Credit Reporting Act, 2007 (Act 726). Monthly returns are due by the 10th day of the following month, with nil returns for months without any invalid cheques reported.

The revised rules aim to address the ongoing issue of invalid cheques, which has eroded public trust in cheques as a payment method.