First-time dud cheque offenders to face 10% surcharge – Bank of Ghana  

The Bank of Ghana (BoG) will sanction first-time offenders who issue dud cheques.  

A notice sighted by the Ghana News Agency said customers who issue dud cheques for the first time will face immediate financial and regulatory consequences.  

Under the directive, offenders will be surcharged 10 per cent of the face value of the cheque and issued with a formal warning by the bank or specialised deposit-taking institution.   

They will also be reported to the Credit Reference Bureaus and the Bank of Ghana.  

The Central Bank further directed that such customers be placed under surveillance for at least one year, during which their banking activities will be closely monitored.   

The warning must outline the consequences of repeating the offence and may be communicated through short message service, email or other official means.  

The directive required that the warning be properly documented, serving as a formal record for future reference in the event of subsequent breaches.  

The BoG explained that the measure was necessary due to the continued issuance of dud cheques by some customers, despite earlier interventions.   

It said the practice had undermined trust in the payment system and affected the acceptance of cheques in financial transactions.  

The Central Bank emphasised that strengthening sanctions at the initial stage would serve as a deterrent and encourage responsible financial behaviour among bank customers.   

Financial institutions have therefore been instructed to strictly enforce the new measures and ensure that all first-time offences are promptly reported and sanctioned.  

The Bank reiterated its commitment to maintaining stability, transparency and discipline within Ghana’s banking sector.  

Source: GNA