Payment Systems
Overview of Payment Systems in Ghana
Tuesday, 17 June 2014 10:12

PAYMENT SYSTEMS IN GHANA

 

OVERVIEW

The payment system is the entire matrix of institutional infrastructure arrangements and processes in a country set up to enable economic agents (individuals, businesses, organisations and Government) initiate and transfer monetary claims in the form of commercial and central bank liabilities.

 

Ghana's payment system has improved significantly since 1997 when the MICR cheques were introduced, and continues to evolve to meet the developmental needs of the country. The current trend in Ghana's payment systems development is being driven by economic, financial, public policy factors as well as a growing local ICT industry and global trends in payment systems development.

 

The development of payment and settlement systems in Ghana has been premised on the following key objectives:

  • To prevent and or contain risks in payment, clearing and settlement systems;
  • To establish a robust oversight and regulatory regime for the payment and settlement systems;
  • To bring efficiency to fiscal operations of the Ghana Government
  • To deepen financial intermediation;
  • To discourage the use of cash for transactions whilst encouraging the use of paper-based instruments for payments as part of the short-term development plan;
  • To promote financial inclusion without risking the safety and soundness of the banking system; and
  • To develop an integrated electronic payment infrastructure that will enhance interoperability of payment and securities infrastructures.