The Bank of Ghana’s (BoG) Payment System Oversight 2023 Annual Report reveals a significant surge in the value of transactions on the Ghana Interbank System (GIS), which skyrocketed by 49% to an impressive GH₵ 3.4 trillion compared to the previous year.
The total volume of GIS transactions also saw a modest increase of 2.1%, reaching 1.4 million in 2023. Notably, the average value per transaction experienced a remarkable jump, rising by 45.9% to GH₵ 2.42 million, up from GH₵ 1.66 million in 2022.
This substantial growth in interbank transaction values highlights the vibrancy of the country’s financial sector, reflecting heightened liquidity, increased economic activity, and potentially the impact of inflation or currency depreciation.
The uptick suggests that banks are more actively engaged in lending, borrowing, and other financial operations, contributing to the broader economic expansion. The BoG’s monetary policies, including interest rate adjustments and open market operations, have likely played a pivotal role in shaping these interbank activities.
In contrast, the volume of interbank cheques cleared declined by 4.3%, a reduction of 244,995 cheques, following a similar downward trend of 3.4% in 2022. Despite this, the total value of cheques cleared rose by 15.5% to GH₵ 293.93 billion in 2023, indicative of the growing reliance on instant payment instruments.
The Bank of Ghana and financial institutions are urged to remain vigilant, ensuring that this surge in transaction volumes translates into sustainable economic growth without introducing new financial risks.
Source:thehighstreetjournal.com