The Bank of Ghana(BoG) has reminded the public that issuing a dud or bounced cheque for the first time attracts a penalty equivalent to 10% of the face value of the cheque under its revised requirements.
According to the central bank, the first issuance of a dud cheque also comes with additional consequences beyond the financial penalty.
The offence will be reported to the Credit Reference Bureaus as well as the Bank of Ghana, while the issuing bank is required to provide a warning notification outlining the consequences of repeating the offence.
The Bank of Ghana explained that the measures form part of its financial literacy efforts aimed at promoting responsible cheque usage and ensuring that customers understand the consequences of issuing cheques without sufficient funds.
It urged customers to ensure that they have adequate funds in their accounts before issuing cheques to avoid penalties and possible negative implications for their credit records.
The central bank further cautioned that even a first dud cheque can have consequences beyond the immediate transaction, making it important for account holders to exercise caution when issuing cheques.
Ghana|Atinkaonline.com|Mavis Fantevi
