Percentage of dud cheques submitted to credit bureaus rose by 23 per cent in 2023 – BoG

In 2023, a total of 53,522 issued dud cheques were submitted by banks and specialized deposit-taking institutions (SDIs) to credit bureaus.

This figure represents a percentage increase of 23.0 from the 2022 position of 43,457.

The Bank of Ghana (BoG) observed in the 2023 Annual Credit Reporting Activity Report, the increasing trend of the situation which it admits results in a reduced confidence in the cheque system.

Dud Cheques by Individuals/Corporate Customers

The Report notes that such activity by individuals reduced from 31,582 in 2022 to 10, 655 in 2023 while that for corporate customers stood at 42,867 which represents an increase of 261 percent over the previous year’s figure.

The way forward

The central bank states that it has intensified the sensitisation of the general public on the ramifications of the practice.

Specifically, the BoG is educating customers on the negative implications of dud cheques on their ability to secure new credits.

In addition, the Bank of Ghana states that culprits stand the chance of being sanctioned which involves being barred from accessing credit facilities and issuing cheques for three years.