We wish to inform you that the Bank of Ghana has revised the sanctions for the issuance of dud cheques. First, Second- and Third-time offenders would now be levied with a fine of 10%, 15% and 20% of the cheque’s face value respectively. In addition, third time offenders will face further sanctions including a ban on cheque issuance and restrictions on access to new credit facilities.
Always ensure you have enough funds in your account before issuing cheques to avoid these penalties.
Below are the applicable sanctions depending on the number and frequency of occurrences:
|
Offense |
Description |
Applicable Sanction |
|
First Occurrence |
First issuance of a dud cheque |
The Bank shall levy an account holder who issues a dud cheque for the First Time 10% of the cheque’s face value and issue a warning notification to the affected customer and report the customer’s offence to the credit reference bureaus and Bank of Ghana |
|
Second Occurrence |
Second occurrence within 12 months of the first offense |
If the customer issues a dud cheque for the second time within one year of the first offence, the Bank shall impose a levy of 15%of the cheque’s face value. The Bank shall issue a warning notification to the customer and report the offence to the credit reference bureaus and Bank of Ghana |
|
Third Occurrence |
Third occurrence within 12 months of the second offense |
Where the customer issues a dud cheque on the third occasion within one year of the first offence, the Bank shall impose a levy of 20%of the cheque’s face value and report the customer to the credit reference bureaus and Bank of Ghana |
Click here to view Notice from BoG
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