Bawumia lauds BoG, financial institutions for roles in Ghana’s efficient payment system

Dr Bawumia says Ghana’s progress in the payment and settlement systems have been spurred by the central bank’s efforts to deploy relevant domestic policies to support a well-organised payment system

The Vice-President, Dr Mahamudu Bawumia, has commended the Bank of Ghana (BoG) and financial institutions in the country for the immense roles they have played towards the successful implementation of Ghana’s payment system.

Speaking at the opening of the 25th Annual Banking Conference of the Chartered Institute of Bankers in Accra on Thursday (18 November 2021), Dr Bawumia, who is a fellow of the Institute, enumerated a number of initiatives that have led to the country’s successful payment system and commended the central bank’s effective policies and the bank’s investments.

“An efficient payment system is crucial. Ghana’s progress in the payment and settlement systems have been spurred by the central bank’s efforts to deploy relevant domestic policies to support a well-organised payment system,” Dr Bawumia said.

“Ghana has made significant strides in this regard through the launch of Ghana Interbank Payment and Settlement System (GhIPSS), Real-Time Gross Settlement System (RTGS), Cheque Codeline, Clearing System (CCC), the National Biometric Smartcard (E-zwich) and the National Switching and Processing System (gh-Link).”

“As banks continue to invest in digital platforms to facilitate ease in trade and transactions, adopting a more fintech approach will spur innovation for the benefit of their cherished clients.”

Dr Bawumia also acknowledged the Bank of Ghana and the Ministry of Finance for introducing friendly policies, which made it possible for financial institutions to support businesses, as well as mitigate COVID-19 and its economic effects ravaged businesses.

“Let me use this opportunity to acknowledge the central bank’s efforts in deploying comprehensive reforms and interventions, especially during these unprecedented times, by providing the financial sector with various regulatory reliefs that allowed banks to provide financial support to critical sectors of the economy as part of the COVID-19 policy responses.”

“I also acknowledge the Ministry of Finance for launching various policy initiatives such as The National Financial Inclusion and Development Strategy, The Digital Financial Services Policy, The Cash-Lite Roadmap, among others as a way to deepen financial inclusion and accelerate the shift to digital payments,” he said.

Bawumia added, “Such policies among other strides, continue to project Ghana as a nexus of digital payments. As we look to accelerate digitization on all fronts, leveraging the African Continental Free Trade Area (AfCFTA) is a step in the right direction.”

With the introduction of the e-cedi in the offing, the vice-president urged commercial banks to be proactive in developing digital assets and products for different categories of customers.

“Banks should also leverage on the digitization agenda of the government to improve credit to the private sector,” he added.

“I implore all stakeholders to explore possible synergies and partnerships in advancing digital technological innovation in a bid to redefine the banking sector which will ultimately spur economic growth.

“I reaffirm government’s efforts in spearheading the national digitisation drive through robust policymaking initiatives and a conducive environment.”

Dr. Bawumia also urged the Chartered Institute of Bankers to lead the charge in capacity building for an innovation-driven Banking Industry.

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