BoG outlines roadmap to cash-lite economy

The Bank of Ghana on Thursday unveiled a comprehensive road map document that it believes will lead to an enhancement in existing payment systems in the country.

The goal of the Strategic Payments Roadmap for Ghana, a paper commissioned by the central bank, is to build on current payment systems infrastructure engineered by the Ghana Interbank Payment and Settlement Systems (GhIPSS) to reduce the dependence of cash for transactions.

The paper, put together by Standard Chartered Bank, was presented to the central bank at a ceremony attended by BoG’s Deputy Governor, Millison Narh as well as Mona Quartey, Deputy Finance Minister among other dignitaries from the financial services industry.

The paper makes recommendations on various issues that the BoG needs to tackle to ensure a successful migration to a cash-lite society.

Among recommendations to pursue include the establishment of a Payments Council which is expected to address the diversity in the country’s payments system as well as lead in the execution of the road map strategies.

According to Mr. Narh, the promotion of a cash-lite economy is the collective responsibility of all stakeholders involved in the development of the payment ecosystems.

“This will require appropriate policies that promote investment and innovation and also smart plans from both the private and public sectors,” he added.

The Payment Systems Act, 2003, empowered BoG to play a pivotal role in establishing, operating and promoting payments systems.