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Payment System To Experience Major Boost – GhIPSS Official
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The General Manager of the Ghana Interbank Payment and Settlement System, (GhIPSS) Archie Hesse is hopeful that Ghana will witness a major transformation of its payment system from this year.

He said the public will have options that will create a lot of convenience in making payment for various transactions. Mr. Hesse was speaking at a seminar to wrap up a 10-day training course in Finance and Economics for journalists.

Mr. Hesse said a lot of work is going on to ensure total interoperability among the banks in Ghana, which will introduce a lot of flexibility in the system. He explained that not only will all automated teller machines (ATMs) accept all cards, but it will also be possible for bank customers to effect payment from the comfort of their homes and offices through the Internet.

He mentioned that employers can decide whether to use the e-zwich Payment Distribution System (PDS software), the Ghana Automated Clearing House (GACH) system, or continue with the paper-laden traditional way of paying salaries. According to him, making these options available will enable people to choose which of the systems best suits their operations.

Mr. Hesse, who walked the journalists through the various payment initiatives being rolled-out, encouraged them to seek more information about the projects and also give more coverage to finance and economic issues. He also urged the journalists to put the knowledge acquired during the training to good use.

An Official of the World Bank office in Ghana, Ken Fosu, told participants that there is a wealth of knowledge at the Knowledge Space office located at the World Bank Annex. He therefore challenged them to visit the resource centre and acquire relevant knowledge that will guide them in their work as journalists.

In all, 15 journalists participated in the course, which was organised by El de D Consult. The Course Director, Kwame Anani-Korba, said various topics such as National Income Accounting; National Budget; Financial markets; and International Trade was treated.

He said participants were also taken through financial statements and ratios and some common but wrongly-applied terminologies. He added that the participants were also educated on the operations of the Bretton Woods Institutions by officials of the World Bank in Washington DC by way of a video conference.

Mr. Anani-Korba said they were so encouraged by the success of the workshop, and are therefore preparing feverishly for the next edition which will take place in the third quarter of the year. He urged corporate bodies to emulate the shining example of Newmont Ghana Gold, sponsors of the programme, and partner with El de D Consult in building the capacity of journalists in Finance and Economics.

He was also grateful for the encouragement and support from the Ghana Journalists Association (GJA), the Institute of Financial Journalists (IFEJ), and Voltic Ghana.

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