In 2023, banks and specialized deposit-taking institutions (SDIs) reported a total of 53,522 dud cheques to credit bureaus, marking a 23% increase from 43,457 in 2022. This trend, noted in the Bank of Ghana’s (BoG) 2023 Annual Credit Reporting Activity Report, reflects a growing concern over reduced confidence in the cheque system.
The report indicates a significant decline in dud cheques issued by individuals, dropping from 31,582 in 2022 to 10,655 in 2023. In contrast, corporate customers saw a staggering 261% increase, with 42,867 dud cheques reported.
In response to this alarming trend, the BoG has ramped up public education efforts, informing customers about the serious consequences of issuing dud cheques, including the negative impact on their ability to secure new credit. The central bank also warns that offenders may face sanctions, including a three-year ban from accessing credit facilities and issuing cheques.
SOURCE: https://dew360.net
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