Mr. Chairman, the Bank of Ghana has also undertaken a number of reforms of the payment system, including the passage of a Payments Systems Act in 2003 and the introduction of the Real Time Gross settlement System, which has created an environment for safe, sound, secure and timely payments.
While the clearing cycle for paper instruments has improved tremendously, the central bank would soon switch to the Codeline Clearing and Cheque Truncation System together with an Automated Clearing House in line with current trends in cheque processing technology.