The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, says businesses in Ghana are about six months away from being able to engage in easier financial transactions across Africa.
Among other things, he noted that the Central Bank Payment systems on the continent are being linked to make international transactions using the GhIPSS gh-link platform easier.
“It is just a question of time and I believe in about six months, if not less, you will start seeing the efficiency, and [businesses] will start having inter-country transactions seamlessly using our domestic card,” he said during remarks on the Citi Business Festival virtual forum.
Though Mr. Hesse says Ghana has modernised the payment systems when it comes to domestic transactions, “we are slowly and gradually beginning to look at the West African zone.”
“So we have had engagements with our counterparts where we are looking at the possibility of linking the national switches together,” he added.
One of the important things to do in this regard is “to iron out the inter-country forex,” he noted.
“There is the need for us to have an inter-country arrangement where, between the Naira and the Cedi, on a daily basis, we know what the exchange rate is to avoid the use of the international currencies,” Mr. Hesse explained.
With this plan in mind, African banks could offer support in this regard “so maybe there is the need for us to ride on them,” he added.
Mr. Hesse also cited the role international card schemes like Visa and MasterCard could play
“When it comes to inter-country transactions, there is the need for us to ensure that becomes a reality,” he stressed.
Mr. Archie Hesse believes Ghana is in a position to be recognised as one of the countries at the forefront of being a cashless society.
The first virtual forum of the 2021 Citi Business Festival was on the theme ‘Building a cashless society: Opportunities for business and job creation.