The Bank of Ghana’s Payment System Oversight 2023 Annual Report highlights a remarkable surge in the total value of transactions on the Ghana Interbank System (GIS), which rose by 49 percent to GHS 3.4 trillion in 2023, up from GHS 2.3 trillion the previous year.
This significant growth underscores the GIS’s vital role in the country’s financial ecosystem.
The report reveals that the total volume of GIS transactions increased by 2.1 percent, reaching 1,420,679 transactions in 2023.
Additionally, the average value per transaction surged to GHS 2.42 million, compared to GHS 1.66 million in 2022, reflecting a substantial increase of 45.9 percent.
The GIS functions as the Real Time Gross Settlement (RTGS) system, serving as a platform for large-value fund transfers and the cash-leg of securities transactions.
Furthermore, the report noted that in 2023, the volume of inter-bank cheques cleared reduced by 244,995, representing a 4.3 percent decline, compared to a decline of 3.4 percent in 2022.
The total value of cheques cleared, however, increased by 15.5 percent to GHS 293.93 billion in 2023.
Per the report, there has been a systematic decline in the volume of cheque transactions over the past few years which is attributable to increased availability and usage of new instant payment instruments.
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