Joseph Blankson Aidoo would serve 24 months in prison if he fails to pay the money.
He denied charges of dangerous driving and negligently causing death.
Police Chief Inspector Seth Nana Amofa, told the court, presided over by Mr Justice Amo-Yartey that, the accident happened on July 6, 2008, at about 1130 hours.
Aidoo was driving towards the Kwame Nkrumah University of Science and Technology (KNUST) in a BMW X5 and on reaching the Poku Transport intersection; he hit Salam Ontombey, who was crossing the road.
The victim sustained multiple serious injuries and was rushed to the KNUST Hospital, where he was referred to the Komfo Anokye Teaching Hospital (KATH).
He died later on that same day.
Meanwhile, the court has asked that insurance claim should be paid to the deceased’s family.