Dr. Paul Acquah, Governor of the Bank of Ghana has reiterated the Central Bank’s confidence that the Cheque Codeline Truncation and the Automated Clearing System - two new payment systems - will be introduced by December this year. The two, which are expected to complement the ezwich or biometric smartcard, will further enhance and deepen the financial system which has seen several reforms since 2002. The Governor, who told some journalists when he visited Barclays Bank Ghana Limited, High Street Branch, last Friday to ascertain the present situation of the ezwich payment system introduced by the Ghana Interbank Payment and Settlement System, a subsidiary of the Central Bank, said the presence of these cutting-edge technologies will indeed move the country’s financial sector from a developing to an advanced one. While the Automated Clearing House System will act as a central clearing facility for all electronic fund transfer or the clearing of electronic debits and credits by the same period, the Cheque Codeline Truncation will facilitate easier clearance of cheque, thus reducing the long period used to clear cheques at the banks. Dr. Acquah described the ezwich payment system as one of the best mode of bank transactions to happen to this country, adding that this will allow secure and prompt completion of transactions, which is an essential condition for good economic performance even in the best macroeconomic policy environment. He challenged the commercial banks to do more to issue the ezwich cards to clients since the programme targets the ‘unbanked’ and ‘underbanked’ segments of the population. He however expressed satisfaction with regard to the progress of operation by Barclays. Responding to a question on the exit of Dr. Mahamudu Bawumia who is presently the running mate to Nana Addo Dankwa Akufo Addo, flagbearer of the ruling New Patriotic Party (NPP), Dr. Acquah expressed happiness, saying his nomination demonstrates that the Central Bank has technocrats who could help use their expertise to transform the economy. Margaret Mwanakatwe, MD of Barclays commended the Central Bank Governor, adding that her outfit will do more to deepen the financial sector reforms of the country. Source: Daily Guide