Bank of Ghana to Sanction Customers Who Issue Fake or Dud Cheques
According to Richard, issuing a fake or dud cheque—especially for loans or business transactions—is a serious offense that can lead to both financial penalties and imprisonment.
He explained that the Bank of Ghana has introduced strict measures to curb the rising cases of dud cheques across the country. A dud cheque is a cheque that cannot be cleared because the issuer does not have sufficient funds in their account, which causes inconvenience to the recipient expecting payment.
Under the new measures:
First offense: Attracts a 10% penalty on the value of the cheque.
Second offense: Attracts a 15% penalty.
Repeated offenses: Can result in up to five (5) years imprisonment.
Richard cautioned the public to ensure their accounts have enough funds before issuing cheques to avoid embarrassment and possible legal action.
> “Issuing fake cheques is a punishable act under Ghanaian law. It’s better to maintain integrity in your financial dealings than to face jail time over a dud cheque,” he advised.
The Bank of Ghana says these sanctions aim to strengthen confidence and discipline within the financial system.
Watch The Video Below:
About The Author
