Ghana’s payment system achieves fast improvement – BoG Governor
Dr Ernest Addison, Chief Executive Officer (CEO) of Bank of Ghana (BoG), has stressed that the payment system of the infrastructure of Ghana has recorded fast improvement with technological intervention.
He said this during an inauguration of 8th member Payment Systems Advisory Committee in Accra on 5th March 2020.
The Payment Systems Advisory Committee under the leadership of the CEO has stipulated that under Section 4(2) of Act 987, is expected to counsel the Bank on the regulation and supervision of the payment systems, operational and technical stands of the payment systems, and any other issues affecting payment service clearance and settlement of payments.
The members comprise of the CEO or His alternative; Mr Sampson Akligoh, Ministry of Finance; Mr Archie Hesse, CDEO of GhIPPS; Madam Evelyn Essien, Securities and Exchange Commission; Mr Ken Ashigbey, CEO of Ghana Chamber of Telecommunications; Mr Samuel Sarpong, Ghana Association of Bankers; Mr Kwaku Kyei Ofori, National Information Technology Agency and Mr Charles Atuahene of Association of Ghana Industries.
Dr Addison emphasized, “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”.
Again, 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”.
Additionally, he stressed that “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 stressed that the execution of the mobile money interoperability was another crucial achievement within Ghana’s payment ecosystem, adding that the interconnections have created the foundation for smooth delivery of technological financial services and the extension of financial improvement.