Dud cheques worth Gh¢1m issued in 2014

Over 26 cloned cheques worth almost Gh¢1 million were issued last year in Ghana, according to a report by the Financial Intelligence Centre.

The report said eight cheques out of the 26 with face value of Gh¢ 88, 623 were successfully drawn, but the rest were returned unpaid.

Cheque cloning is the creation of a prototype of an original cheque.

The deputy CEO of the Centre, Philip Danso, said most of the cloned cheques “were being issued on public services accounts”.

According to Danso, this is usually carried out by a syndicate, meaning the issuers “may have links at various cheque printing houses” which gives the prototypes an authentic look.

The Bank of Ghana, according to him, “will be meeting officials of these printing houses to ensure that no staff aids such practices”.

Speaking to journalists at a two-day training workshop on effective financial and business reporting, Danso said a stakeholders’ meeting involving the Bank of Ghana, the Ghana Interbank Payment Systems and the Financial Intelligence Centre has been held on the issue.