Ghana’s payment system records rapid transformation – BoG Governor

Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has said that Ghana’s payment system infrastructure has recorded rapid transformation supported by digitisation.

He said this while inaugurating an eight-member Payment Systems Advisory Committee in Accra on Thursday, 5 March 2020.

The Payment Systems Advisory Committee under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987, is required to advise the Bank on regulation and oversight of the payment systems, operational and technical stands of the payment systems, and any other matters affecting payment services clearing and settlement of payments.

The members are the Governor/ or His alternative; Sampson Akligoh, Ministry of Finance; Archie Hesse, CDEO of GhIPPS; Evelyn Essien, Securities and Exchange Commission; Ken Ashigbey, CEO of Ghana Chamber of Telecommunications; Samuel Sarpong, Ghana Association of Bankers; Kwaku Kyei Ofori, National Information Technology Agency and Charles Atuahene of Association of Ghana Industries.

Dr Addison said “Importantly, the Government’s quest to formalise the economy through digitisation places the payment system at the core of the national development agenda. Indeed, the payment system has become the central focus for delivering several digital products including pension, insurance, credit, investments, and savings.”

Continuing, he said “As we all know, payment systems are essential components of a modern economy. It is imperative therefore, that stakeholders must plan, design, and implement payment systems reforms in a holistic manner.”

He added: “Over the past two decades, Ghana’s payment system infrastructure has recorded rapid transformation supported by digitisation.

“To recap, the evolution of the payment system started with the establishment of the Real Time Gross Settlement System, the Automated Clearing House, Cheque Codeline Clearing and Truncation System, the National Switch (E-zwich) and Smartcard Projects. All these culminated in the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with a mandate to oversee all interbank payment and processing activities.”

He emphasised that the implementation of the mobile money interoperability system was another significant achievement within Ghana’s payment ecosystem, adding that the interconnections have laid the foundation for the efficient delivery of digital financial services and the scaling up of financial inclusion.