The Bank of Ghana’s 2024 Financial Stability Review reveals that the total value of cheque-based transactions jumped 30.97% to GH₵384.96 billion in 2024, up from GH₵293.93 billion in 2023. Yet, the number of cheques processed under the Cheque Codeline Clearing (CCC) system fell marginally by 0.15%.
This divergence underscores a shift in the role of cheques from everyday payments to instruments for “large corporate payments, high-value settlements or legacy institutional transactions.” The review stipulates “Ghana’s cheque usage is evolving, volumes are slipping, but the money they move is growing at a staggering pace”.
The trend mirrors developments in other payment channels. The Ghana Interbank Settlement (GIS) platform, for example, recorded a 78.12% surge in transaction value to GH₵6.13 trillion, despite a 6.07% drop in volumes again pointing to fewer but larger transactions.
Meanwhile, digital payments continued their relentless climb. The GhIPSS Instant Pay (GIP) processed 161.2 million transactions worth GH₵355.07 billion, marking a 32% rise in value. Internet banking saw even sharper growth up 114.9% in value to GH₵212.44 billion signalling rising consumer and business trust in digital channels.
Analysts say the figures highlight a dual reality; traditional instruments like cheques remain relevant for heavyweight financial deals, but the speed, convenience, and scale of digital payments are reshaping Ghana’s financial landscape.
For businesses, the data is a strategic nudge balance the security and familiarity of cheques with the agility of real-time transfers, or risk being left behind in the country’s payment transformation.
