Ghana’s banking sector is witnessing a turnaround in payment discipline, with bounced cheques plunging over 15% year-on-year in 2024. ‘
The Bank of Ghana’s latest report reveals only 45,136 dud cheques were recorded down from 53,522 in 2023 attributing the decline to aggressive enforcement and public education campaigns.
“A dud cheque isn’t just inconvenience it’s a criminal offense,” the central bank warned, highlighting legal consequences under the Bank of Ghana Act.
Sustained messaging about credit score damage appears to have hit home: individual violations plummeted 53% (4,972 incidents), while corporate offenders dropped even more sharply at 66% (14,454 cases).
This progress reflects broader credit system reforms. Financial institutions now routinely check credit reports before approving loans, and public awareness of reporting mechanisms has grown.
For market traders and small businesses long burned by worthless paper, the shift brings tangible relief. Could this mark a cultural shift toward financial accountability?
The BoG vows to intensify monitoring and stakeholder collaboration. “These efforts are essential to maintain trust in our payment ecosystem,” the report concluded. As fintech expands nationwide, reliable cheque clearing remains vital for millions unbanked or wary of digital transactions.
