Issuance, submission of dud cheques increased last year-BoG
By DL News
Published
1 min read
According to the BoG’s Annual Credit Reporting Activity Report, a total of 53,522 dud cheques were submitted by banks and specialized deposit-taking institutions (SDIs), up from 43,457 in 2022.
The Bank of Ghana (BoG) reported a 23% rise in the number of dud cheques submitted to credit bureaus in 2023.
According to the BoG’s Annual Credit Reporting Activity Report, a total of 53,522 dud cheques were submitted by banks and specialized deposit-taking institutions (SDIs), up from 43,457 in 2022.
This increase reflects growing concerns about the practice, which is contributing to declining confidence in the cheque system.
The report highlights a significant reduction in dud cheques issued by individuals, dropping from 31,582 in 2022 to 10,655 in 2023.
However, for corporate customers, the situation worsened, with dud cheques rising to 42,867—a staggering 261% increase from the previous year.
In response, the BoG has ramped up efforts to educate the public about the consequences of issuing dud cheques. The Bank is specifically informing customers that such actions could harm their ability to obtain new credit. Offenders may also face penalties, including a three-year ban on accessing credit facilities and issuing cheques.
Kindly read the full report below
