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Business News of Thursday, 6 October 2022

Source: www.ghanaweb.com

FLASHBACK: Stop issuing dud cheques, you will be jailed for at least 3 years – BoG cautions

Ernest Addison, Governor, Bank of Ghana Ernest Addison, Governor, Bank of Ghana

The Bank of Ghana spelled out punitive measures that were being employed against the issuing of dud cheques.

A dud cheque is when an amount issued is more than the amount in a person's account.

The Central Bank noted that persons who flouted the laws of issuing dud cheques will be liable to a three-year jail term.

Read the full story originally published on October 6, 2021 by GhanaWeb


• The Bank of Ghana has warned against the issuance of dud checks

• It said persons found culpable will face imprisonment

• The BoG said a bank will place a culprit consumer under surveillance for three years for issuing dud cheques


The Bank of Ghana has once again reminded the public and institutions against the issuance of dud checks.

A statement issued on Tuesday providing financial literacy education on dud cheques reiterated that anyone who fails to comply with the directive will be jailed or asked to pay a fine whilst their offense is reported to the credit reference bureau.

For first-timers, the central bank cautioned, “Your financial institution will place you under surveillance for a minimum period of three years when you issue a dud cheque for the first time.”

“Again, if you issue a dud cheque for the second time within three years of the first offense, your financial institution will report your conduct to the Bank of Ghana,”, adding “your details and the breach shall be recorded in a dud cheque register maintained at the BoG,” it explained.

But for third-time offenders, the Bank of Ghana said consumers will be banned from issuing cheques within the country for a minimum period of three years.

As part of the financial literacy education, the Bank of Ghana called on the public and institutions to ensure they had enough funds in their respective accounts prior to issuing a cheque.

When found culpable of issuing dud cheques, the central bank said consumers will be banned from accessing new credit facilities from all financial institutions for a period of three years.

It added that the perpetrators' names will be published in the national newspapers.

SSD/FNOQ

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