The Financial institution of Ghana (BoG) Credit score Reporting for 2024 has proven a discount within the issuance of dud cheques. A dud cheque is a cheque {that a} financial institution or monetary establishment refuses to honor as a result of the account holder doesn’t have the funds for to cowl the cheque’s worth. It’s a legal offense beneath the Financial institution of Ghana Act.
The report confirmed that in 2024, a complete of 45,136 dud cheques had been submitted by Banks and Specialised Deposit-Taking Establishments to credit score bureaus.
This represents a 15.19% lower from the 2023 determine of 53,522. The Financial institution of Ghana defined that the decline is attributable to the regulator’s fixed sensitization of the general public on the damaging implications of issuing dud cheques on their capacity to safe credit score amenities.
The Financial institution of Ghana stated it would proceed to lift public consciousness and implement the directive on dud cheques to assist increase public confidence within the cheque system.
The report identified that in 2024, financial institution clients who flouted the dud cheque directives had been sanctioned accordingly.
Breakdown of the info
“Dud cheques issued by people decreased from 10,655 in 2023 to 4,972 in 2024. Company clients issued a complete of 14,454 dud cheques in 2024, representing a lower of 49.6 p.c in comparison with 42,867 dud cheques in 2023”, the report stated.
Based on the Financial institution of Ghana, the notable discount in dud cheque incidents, elevated utilization of credit score stories by monetary establishments and different lenders and enhanced public consciousness of credit score reporting methods are testaments to the rising robustness of the sector.
The central financial institution stated it stays dedicated to strengthening the credit score info infrastructure enforcement, and public schooling.
“These efforts are important to fostering a credit score reporting necessities by steady stakeholder collaboration”.
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