The 2024 Financial Stability Review has revealed a striking shift in Ghana’s payment landscape: while the number of cheques written declined marginally, the total value of cheque-based transactions surged by 30.97% to reach GH₵384.96 billion. This marks a significant jump from the GH₵293.93 billion recorded in 2023.
According to the report, interbank cheque volumes under the Cheque Codeline Clearing (CCC) system dipped slightly by 0.15%. However, the cheques that were processed carried substantially higher values, signalling that this traditional payment method is increasingly being reserved for large corporate payments, high-value settlements, and legacy institutional transactions where security and paper trails are paramount.
The trend was mirrored on the Ghana Interbank Settlement (GIS) platform, where the overall number of transactions fell by 6.07%, yet the total value skyrocketed by 78.12% to GH₵6.13 trillion. This points to a broader market shift towards fewer but higher-value financial transfers in the formal banking ecosystem.
Meanwhile, digital payment platforms continued their rapid expansion, reshaping Ghana’s financial transactions landscape. The Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay service processed 161.2 million transactions worth GH₵355.07 billion, a 32% increase in value compared to the previous year. Internet banking posted an even sharper rise, with transaction values climbing 114.9% to GH₵212.44 billion, reflecting growing consumer and business confidence in secure, real-time digital services.
Analysts say these figures tell a two-part story: on one hand, cheques remain relevant for high-stakes transactions where legal formality and institutional preference play a role; on the other, the convenience, speed, and scalability of digital payments are drawing in both individuals and companies at unprecedented rates.
For businesses, the message is clear payment strategies will need to adapt to this dual reality. While maintaining cheque facilities may be necessary for certain clients and transactions, the competitive edge will increasingly lie in adopting real-time, digital-first payment solutions that align with the evolving habits of the market.
