Bank of Ghana to introduce new cheque clearing system

Accra, Ghana - The Bank of Ghana is to introduce a new cheque clearing system, "cheque code-line clearing" into banking services with effect from July this year. The electronic-based system which is to make cheque clearing faster was an innovation of the Ghana inter-bank payments solutions system (GHIPSS), a subsidiary of the Bank of Ghana. Mr Richard Mettle Addo, Head of Research and Marketing Department of the ARB Apex Bank, announced these at the 28th annual general meeting of the Gomoa Rural Bank at Apam. He said the cheque code-line clearing and the e-zwich money transfer were part of reforms being made by the Central Bank to make Ghana a cashless economy, which means people would not need to do transactions with fiscal cash. Mr. Addo appealed to Rural and Community Banks (RCBs) to alter their operations to keep in tune with the changing technological and electronic requirements. He commended management and Board of directors of the Gomoa Rural Bank for increasing its capital adequacy ration to 55.79 per cent placing second position among 126 Rural/Community Banks (RCBs) in the country. Mr. Kodwo Konadu Asiamah, Executive Director, Association of Rural Banks, urged directors of RCBs to initiate programmes to encounter the global
economic crunch.