BoG Raises Dud-Cheque Penalty To 20%
The Bank of Ghana (BoG) has tightened sanctions against customers who issue dud cheques, with repeat offenders facing penalties of up to 20 per cent of the face value of the cheque, alongside restrictions on their ability to issue cheques and access new credit facilities. Under the revised sanctions, a customer who issues a dud […] The post BoG Raises Dud-Cheque Penalty To 20% appeared first on…
The Bank of Ghana (BoG) has increased penalties for customers issuing dud cheques, with offenders facing up to 20% of the cheque's value as a levy, according to a report. Repeated offenders will also face restrictions on cheque issuance and access to new credit facilities. A dud cheque is one drawn on an account lacking sufficient funds to cover the amount specified.
The BoG warns that such actions can lead to poor credit scores, higher borrowing costs, and limited access to funds. The revised financial literacy notice also highlights the potential impact of adverse reports to credit reference bureaus on customers' creditworthiness. Banks are required to recall unused cheque books and notify customers of the restrictions within five working days of receiving notification of a ban.
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