Accra: The Bank of Ghana (BoG) has announced that first-time offenders who issue dud cheques will face a 10 per cent surcharge on the face value of the cheque and receive a formal warning. This measure is part of a new directive aimed at addressing the persistent issue of dud cheques affecting the country's payment system.
According to Ghana News Agency, the directive stipulates that offenders will also be reported to the Credit Reference Bureaus and the Bank of Ghana. Additionally, these individuals will be placed under surveillance for a minimum of one year, during which their banking activities will be closely monitored. The warning issued to offenders must detail the repercussions of any repeat offenses and can be communicated via SMS, email, or other official means.
The bank's notice emphasizes the importance of documenting these warnings as a formal record for any future breaches. The BoG has highlighted the need for this measure due to the continued issuance of dud cheques, which has undermined trust in the payment system and affected cheque acceptance in financial transactions.
The Central Bank believes that implementing robust sanctions at the initial stage will deter further offenses and promote responsible financial conduct among bank customers. Financial institutions have been instructed to rigorously enforce the new rules and ensure prompt reporting and sanctioning of first-time offenses.
The Bank of Ghana remains committed to upholding stability, transparency, and discipline within the country's banking sector.