BoG threatens 3-year ban for persons consistently issuing dud cheques

The Bank of Ghana says it will ban customers caught issuing dud cheques for three consecutive times, from accessing new credit facilities from the banking system for a period of up to three (3) years.

This was contained in a notice from the Central Bank to Banks, Specialised Deposit-Taking Institutions (SDIs) and the Public, communicating its revised sanctions relating to the offence.

According to the Bank of Ghana it has observed with grave concern, the high issuance of dud cheques by some customers of banks and SDIs, a development which has consequential effects on the acceptance of cheques for transactions.

Per the statement dated March 11, under section 313(A) of the Criminal Offences Act, 1960 (Act 29) as amended, the issuance of a dud cheque, is an offence punishable by a fine and/or imprisonment of up to five (5) years.

Banks and special deposit-taking institutions have thus been advised to apply the necessary sanctions and follow laid down protocols, including reporting to relevant agencies, when they come across offenders.

Source:Citibusinessnews