Ghanaian businesses to commence inter-country transactions with Gh-link within 6 months - GhIPSS

• The Inter-country transactions will commence within six months

• The move is intended on making financial transactions easier

•The Gh-Link platform is powered by the GhIPSS

Businesses in Ghana will in about six months be able to engage in inter-country transactions across Africa, the Ghana Interbank Payment and Settlement Systems (GhIPSS) has disclosed.

According to Chief Executive of GhIPSS, Archie Hesse, the central bank is ensuring that systems are in place to make international transactions easier through the use of the GhIPSS Gh-link platform.

Making the revelation at this year’s Citi Business Festival monitored by GhanaWeb, Archie Hesse said, “it is just a question of time and I believe in about six months, if not less, you will start seeing the efficiency, and businesses will start having inter-country transactions seamlessly using our domestic card. We are slowly and gradually beginning to look at the West African zone.”

He continued, “So we have had engagements with our counterparts where we are looking at the possibility of linking the national switches together. One of the important things to do in this regard is to iron out the inter-country forex,” he noted.

Hesse clarified, “There is the need for us to have an inter-country arrangement where, between the Naira and the Cedi, on a daily basis, we know what the exchange rate is to avoid the use of the international currencies,”

The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly-owned subsidiary of the Bank of Ghana which was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non-bank financial institutions in the country.