Bank of Ghana to restructure for new payment systems

The Bank of Ghana plans to restructure the Banking Supervision Unit to focus more on payment system issues, a deputy governor of the central bank has hinted.

According to the central bank, it wants to take payment systems into a new level.

“We need a team that is dedicated to this. So one commitment the BoG is making is to take payment system to another level by restructuring to cater for a payment system and give it a focus,” Mr Millison Narh, Deputy Governor of BoG said at the just-ended National Payments Strategy Workshop held in Accra last week.

The workshop was aimed at developing a strategy to promote cashless in the Ghanaian economy.

In order to promote a cashless society, Mr Narh, who chaired the workshop, was of the view that education is central to the agenda.

“We are going to develop an education strategy for the payment system,” Mr Narh added.

On cross-border payments, the deputy governor said the central bank will be liaising with the West African Monetary Institute (WAMI).

By Ekow Quandzie