BoG values interbank transaction settlements at almost GHS 800bn in Q3 2023

Volume of intrebank transactions settled through the Ghana Interbank System (GIS) amounted to 351,814, with a total value of GH¢797,697 million (almost GHS 800,000 million).

This is per data contained in the Bank of Ghana’s Quarterly Economic Bulletin for Q3 2023.

Although there was a marginal decrease of 0.05 percent in transaction volume compared to Q3 2022, the value of transactions exhibited robust growth, surging by 32.24 percent over the same period.

In comparison with Q2 2023, both transaction volume and value experienced an upward trajectory, increasing by 1.50 percent and 27.55 percent, respectively.

On average, 5,584 transactions were settled daily through the GIS, amounting to GH¢12,661 million during Q3 2023. This represents a shift from the previous quarter, where 5,777 transactions valued at GH¢10,423 million were recorded.

Notably, this figure also surpassed that of Q3 2022, where an average of 5,587 transactions valued at GH¢9,574 million occurred daily.

The report also revealed that the volume of cheques cleared during Q3 2023 amounted to 1,378,874 with a total value of GH¢71,371 million.

While there was a slight decrease of 5.87 percent in transaction volume compared to Q3 2022, the value of cleared cheques witnessed a commendable increase of 10.76 percent over the same period.

In contrast to Q2 2023, both transaction volume and the value of cleared cheques showed positive momentum, growing by 1.17 percent and 2.23 percent, respectively.

On a daily basis, an average of 21,887 cheques, valued at GH¢1,132 million, were cleared during Q3 2023. This represents a marginal decrease from Q2 2023, where 22,716 cheques valued at GH¢1,163 million were cleared daily.

The Q3 2023 Economic Bulletin from the Bank of Ghana highlights the resilience and growth within Ghana’s financial transaction landscape. While the GIS transactions indicate a slight dip in volume but a substantial increase in value, the cheques cleared showcase balanced trends with positive momentum.

Source:norvanreports