Dud cheque issuers face 1-year credit ban under new BoG rules

Customers who repeatedly issue dud cheques risk being barred from accessing fresh credit from banks and financial institutions for one year under the Bank of Ghana's (BoG) revised rules.

For a first offence, banks and SDIs are required to impose a levy of 10% of the face value of the dud cheque.

The BoG has also reminded banks and SDIs to continue submitting information on customers who issue dud cheques to Credit Reference Bureaus in accordance with Section 25(c) of the Credit Reporting Act, 2007 (Act 726).