The Bank of Ghana ( BoG) has advised Ghanaians against the issuance of dud cheques, reminding them that the act still punishable.
The BoG says the act attracts a fine or imprisonment of up to five years.
It has, therefore, urged customers to have enough funds in their account before issuing a cheque.
In a statement on financial literacy education on dud cheques, the Central Bank said consumers who issue cheques for the first time will be warned by their financial institution while their offence is reported to the credit reference bureau.
“Your financial institution will place you under surveillance for a minimum period of three years when you issue a dud cheque for the first time”, it pointed out.
“If you issue a dud cheque for the second time within three years of the first offense, your financial institution will report your conduct to the Bank of Ghana”, the warning clarified.
It added that “your details and the breach shall be recorded in a dud cheque register maintained at the BoG”.
The Central Bank further warned that anyone who issued a dud cheque for the third time in three years will be banned from issuing cheques within the country for a minimum period of three years.
Also, the affected customer will be banned from accessing new credit facilities from all financial institutions for a period of three years.
Additionally, the customer name will be published in two daily newspapers of national circulation.
