The Bank of Ghana has announced new stringent measures to curb the issuance of dud cheques, aiming to strengthen confidence in the country’s payment system and promote responsible banking practices.
In a notice issued today, the Central Bank outlined a series of sanctions for banks and Specialized Deposit-Taking Institutions (SDIs) that fail to comply with regulations on dud cheque issuance. The measures include levies of up to 20% on the face value of the cheque for repeat offenders, along with bans on issuing cheques for a minimum of three years.
Under the new rules, customers who issue dud cheques for the first time will face a 10% levy and receive warnings about the consequences of future violations. Repeat offenders, within a year, will be subjected to higher levies—15% for the second offense and 20% for the third—and will be barred from issuing cheques for at least three years. They will also be restricted from accessing new credit facilities for one year.
The Bank of Ghana emphasized that offenders will be reported to Credit Reference Bureaus, which could negatively impact their credit ratings and borrowing capabilities. Banks and SDIs are required to submit regular reports on dud cheque issuers and publicly display notices to ensure transparency.
“The measures are designed to promote financial discipline, protect the integrity of the payment system, and foster a more secure banking environment,” said Aimee Vyda Quashie, Secretary of the Bank of Ghana.
The new directives, which took immediate effect, supersede previous notices and mandate strict compliance by all banking institutions. Failure to adhere to these regulations could result in sanctions under the Banks and Specialised Deposit-Taking Institutions Act, 2016.
Financial analysts believe these measures will significantly reduce cheque fraud and default rates, ultimately contributing to Ghana’s economic stability and investor confidence.
Statement issued on 24th June 2026 by Aimee Vyda Quashie Secretary Of The Bank said “this notice supersedes NOTICE NO. BG/GOV/SEC/2021/03 issued on 11th March 2021 and NOTICE NO. BG/GOV/SEC/2025/31 issued on 14th October 2025 and takes immediate effect.
