The issuance of dud cheques in Ghana dropped significantly in 2024, according to the Bank of Ghana’s (BoG) latest Credit Reporting report, marking a m
The issuance of dud cheques in Ghana dropped significantly in 2024, according to the Bank of Ghana’s (BoG) latest Credit Reporting report, marking a major step in the regulator’s fight to restore public trust in the cheque payment system.
The Dud cheques — cheques that banks refuse to honour due to insufficient funds in the issuer’s account — are not only a financial inconvenience but also a criminal offence under the Bank of Ghana Act.
Figures from the report reveal that 45,136 dud cheques were submitted by banks and specialised deposit-taking institutions to credit bureaus in 2024, representing a 15.19% decrease compared to 53,522 in 2023.
The BoG attributed this decline to sustained public sensitisation campaigns warning against the repercussions of issuing dud cheques, including the negative impact on an individual’s or company’s creditworthiness.
A detailed breakdown of the figures shows a dramatic drop among individual offenders, with cases falling from 10,655 in 2023 to 4,972 in 2024.
The Corporate offenders, who previously dominated dud cheque statistics, recorded an even sharper reduction — from 42,867 cases in 2023 to 14,454 in 2024, representing a 49.6% decline.
The central bank’s report credited this positive trend not only to its public awareness efforts but also to the increasing adoption of credit reports by banks, microfinance institutions, and other lenders when assessing loan applications.
This practice has made it more difficult for habitual dud cheque issuers to access financial services, thereby acting as a deterrent.
The BoG further disclosed that offenders who breached the dud cheque directive in 2024 faced strict sanctions, reinforcing the regulator’s commitment to enforcement.
The central bank stressed that strengthening the credit information infrastructure, enhancing enforcement mechanisms, and continuous collaboration with stakeholders remain critical to sustaining this progress.
Over the years, the banking sector has struggled with the menace of dud cheques, which erodes trust in non-cash payment systems and clogs the wheels of commerce.
The recent decline, therefore, signals a boost in the credibility of the cheque system — a key objective for the regulator.
The BoG assured the public that it will not relent in its efforts, promising more educational campaigns, strict monitoring, and collaboration with financial institutions to ensure that the gains made in 2024 are consolidated and improved in the coming years.
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