Government has launched the Ghana National Single Window(GNSW) Cash Xpress Card to help pay Customs Duty on the Ghana Trading Hub portal.
The card which was designed by Ecobank is also directed at removing cumbersome procedures at the ports to facilitate payment to the Ghana Revenue Authority(GRA).
Speaking to Citi Business News after the launch, Finance Minister Seth Terkper explained that the initiative will reduce the cost of doing business, while it improves government’s revenue.
“First of all, its part of our cashless society effort, secondly we are bringing in more people, it’s part of the financial inclusion agenda, and then thirdly it mobilizes, it helps the banks mobilize resources as part of the financial inclusion agenda,” he said.
Mr. Terkper stated that the card will greatly reduce bottlenecks in the payment systems as well as improve the revenue that comes into the Consolidated Fund for development.
Enumerating how it will reduce time spent in making transactions, Mr. Terkper explained that exporters and importers will no longer be required to go into a banking hall to make payments or make withdrawal.
“ It reduces the cost of doing business as you mobilize resources more quickly. The inconvenience of going to a bank, withdrawing money going to make a payment and taking back, the card substitutes for all of these,” he said.
He stated that the Ministry of Finance and the Bank of Ghana have designed more initiatives aimed at reducing human interaction in Ghana’s payment system to encourage E-commerce.
“So as a Ministry together with the central bank, we have been launching improvement to the payment systems in the country, we spearheading the E-payment systems in government and I think this is a very good example of how the cost of doing business as far as government is concerned can go down,” he said.
By: Lawrence Segbefia/citibusinessnews.com/Ghana