The Bank of Ghana has once again reminded the public and institutions against the issuance of dud checks.
A statement issued on Tuesday providing financial literacy education on dud cheques reiterated that anyone who fails to comply with the directive will be jailed, or asked to pay a fine whilst their offence is reported to the credit reference bureau.
For first timers, the central bank cautioned, “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.”
“Again, if you issue a dud cheque for the second time within three years of the first offence, your financial institution will report your conduct to the Bank of Ghana,”, adding “your details and the breach shall be recorded in a dud cheque register maintained at the BoG,” it explained.
But for third time offenders, the Bank of Ghana said consumers will be banned from issuing cheques within the country for a minimum period of three years.
As part of the financial literacy education, the Bank of Ghana called on the public and institutions to ensure they had enough funds in their respective accounts prior to issuing a cheque.
When found culpable for issuing dud cheques, the central bank said consumers will be banned from accessing new credit facilities from all financial institutions for a period of three years.
It added that perpetrator’s names will be published in the national newspapers.