An eight-member Payment Systems Advisory Committee to advise the Bank of Ghana on regulation and oversight of the payment systems, as well as operational and technical stands of the payment systems, has been inaugurated.
The Committee, chaired by the Governor of the Bank of Ghana, Dr. Ernest Addison, is a creation of the Payment Systems and Services Act, 2019 (Act 987) which seeks to provide a strong regulatory framework for the emerging digital payment environment.
Speaking at the committee’s unveiling, the Bank of Ghana said it will continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation.
“Without a doubt, the payment system is of systemic importance and engenders financial inclusion. Therefore, the Bank of Ghana will continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation.”
“It is against this background that the Bank facilitated the enactment of the Payment Systems and Services Act, 2019 (Act 987). Among others, Act 987 seeks to provide a strong regulatory framework for the emerging digital payment environment,” the Governor explained.
The Committee comprises Sampson Akligoh, Ministry of Finance; Archie Hesse, Ghana Interbank Payment and Settlement Systems; Evelyn Essien, Securities and Exchange Commission; Ing. Kenneth Ashigbey, Ghana Chamber of Telecommunications; Samuel Sarpong, Ghana Association of Bankers; Kwaku Kyei Ofori, National Information Technology Agency, and Charles Atuahene, Association of Ghana Industries.
Dr. Addison explained that Act 987 stipulated the membership of the Advisory Committee, and the selection process involved extensive deliberation and careful consideration of the strategic fit of the organizations and individuals.
For effective discharge of its responsibilities, he stated that the Advisory Committee will harness the expertise of stakeholders through the establishment of working groups on the various thematic areas of the payment systems operations.