Bank of Ghana, the Central Bank of the republic of Ghana has issue a new directives to banks to report customers who issue DUD cheques for punishment.
According to Bank of Ghana’s directives, the issuing of DUD cheques is an offense punishable under section 313(A) of the Criminal Offences Act 1960(Act 26).
The central bank stated that, first-time offenders are to be reported to the Credit Reference Bureaus. And second-time within three years offenders are to be reported to the Bank of Ghana.
But third-time offenders are to serve a minimum of three (3) years period ban on issuing a cheque and accessing new credit facility in the country.
And their names will be published in two daily newspapers of national circulations.
DUD cheques is a cheque issued with a promise to pay clause. Which means the issuer has no money in his or her account but want a bank or a financial institution to credit him or her.
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