The Ghana Interbank Payment and Settlement System (GHIPS) has launched a new automated system which will enhance the clearing of cheque payments. The system known as Cheque Codeline Clearing with Cheque Truncation System will absorb the current manual paper credit clearing system.
The Chief Executive Officer of GHIPS, Fred France, said the system will make economic activities more vibrant and encourage people to save. The system will be operational within the next two weeks in the Greater Accra Region.
The First Deputy Governor of the Bank of Ghana, Dr. Henry Wampah, said the Central Bank is committed to developing the financial sector and urged banks to utilize the system to impact positively on the economy.
The system is being funded by the Millennium development Authority MIDA. Its Chief Executive, Martin Esson Benjamin said the move is to help address challenges confronting the financial sector which is part of the Millennium Challenge Account Program.
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