“The decline in the issuance of dud cheques is a testament to the efforts of Bank of Ghana to strengthen the credit reporting systems,” said Assistant Commissioner Emmanuel Osei of the Bank of Ghana Enforcement Division.
In the past, the Bank of Ghana was dealing with an average of 60,000 dud cheques issued every year by customers. The rise in dud cheques was largely attributed to a lack of understanding about the implications of issuing such cheques. The Bank of Ghana Act defines dud cheques as a cheque that a bank or financial institution refuses to honor due to insufficient funds.
- Dud cheques were a major problem, resulting in losses to banks and financial institutions, due to the time and resources required to track and verify cheques.
- The growth in dud cheques necessitated the implementation of stricter regulations and measures to combat this issue.
- The Bank of Ghana Act stipulates that financial institutions must not honor any cheque that is returned unpaid due to insufficient funds.
However, the data from the 2024 report indicates that the rate of dud cheques issued has declined substantially. According to the report, a total of 45,136 dud cheques were submitted to credit bureaus in 2024, representing a 15.19% decrease from the 2023 figure of 53,522. **Breakdown of the data**
| **Year** | **Dud Cheques Issued by Individuals** | **Dud Cheques Issued by Corporate Customers** |
| — | — | — |
| 2023 | 10,655 | 42,867 |
| 2024 | 4,972 | 14,454 |
As stated in the report, the notable reduction in dud cheque incidents can be attributed to the efforts of the Bank of Ghana in raising public awareness about the implications of issuing dud cheques. The report further states that the enhanced public awareness of credit reporting systems, increased usage of credit reports by financial institutions and other lenders, and strengthened credit information infrastructure are also contributing to the decline. The Bank of Ghana has been working tirelessly to strengthen the credit reporting systems and combat the issue of dud cheques. The central bank’s efforts include:
* Strengthening the credit information infrastructure
* Raising public awareness through public education and sensitization programs
* Enforcing the directive on dud cheques
By achieving these goals, the Bank of Ghana aims to foster a credit reporting culture that requires continuous stakeholder collaboration.
- The Bank of Ghana’s efforts have led to a significant reduction in the issuance of dud cheques in 2024.
- The decline in dud cheques is attributed to the increased awareness about the negative implications of issuing dud cheques.
- The strengthened credit information infrastructure and enhanced public awareness of credit reporting systems are contributing to the decline in dud cheques.
The Bank of Ghana’s initiatives demonstrate the importance of strong credit reporting systems in promoting economic growth and stability. By working together with stakeholders, the central bank aims to create a robust credit information infrastructure that supports the growth and development of the country’s economy. “The future of our economy relies on the strength of our credit reporting systems. It is essential that we continue to work together to strengthen these systems and foster a culture of transparency and accountability.” – Assistant Commissioner Emmanuel Osei of the Bank of Ghana Enforcement Division
The 2024 report on Bank of Ghana Credit Reporting highlights the positive steps taken by the central bank in addressing the issue of dud cheques. The decline in dud cheque incidents is a testament to the Bank of Ghana’s efforts in strengthening the credit reporting systems and promoting a culture of transparency and accountability. As the Bank of Ghana continues to work towards strengthening the credit information infrastructure, it is essential that stakeholders collaborate to achieve this goal.
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