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Ghana Interbank Payment and Settlement Systems Ltd. (GhIPSS) has embarked on migrating the nation‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¾¢s payment infrastructure to the ISO 20022 global messaging standard. This strategic move aims to enhance cross-border interoperability, speed up settlement times, and align Ghana‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¾¢s financial system with international payment networks.
According to Ghana Web, GhIPSS Chief Executive Clara Arthur ann ounced this initiative at the 3i Africa Summit in Accra, highlighting it as part of Ghana's comprehensive plan to deepen digital finance integration and fortify the infrastructure that underpins cross-border trade and financial services. Arthur emphasized the transition as a 'strategic repositioning for the future,' enabling Ghana‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¾¢s payment systems to align with the world's leading financial markets.
The adoption of the ISO 20022 standard is anticipated to support richer transaction data, enhance payment transparency, and facilitate smoother integration with global financial institutions and payment systems. This migration corresponds with a global trend where regulators and payment operators are transitio ning to ISO 20022 to modernize financial messaging frameworks.
Developed in collaboration with the Bank of Ghana, banks, mobile money operators, and fintech firms, this initiative builds on Ghana's existing interoperable payments infrastructure. Platforms such as gh-link, Ghana's Instant Payment system, Mobile Money Interoperability, Direct Credit and Debit systems, and cheque clearing infrastructure currently support digital transactions across financial institutions.
Arthur noted that the country's payments ecosystem has progressed from basic interoperability to developing infrastructure capable of supporting broader digital finance applications and regional integration. She pointed out that shared infrastructure reduces costs, eliminates duplication, and enables institutions to grow sustainably.
The migration comes as African policymakers aim to reduce fragmentation in payment systems and lower the cost of intra-African trade transactions, many of which are currently routed through offshore correspondent banking systems. Vice President Prof. Jane Naana Opoku-Agyemang emphasized that Africa's digital integration agenda relies heavily on interoperable payment systems, digital identity frameworks, and regulatory coordination. She noted that intra-African transactions often routed through external financial systems increase transaction costs and delays, undermining efforts to create a more integrated African market under the African Continental Free Trade Area.
The Vice President also announced plans for Ghana to collaborate with Rwanda, Zambia, and other countries to pilot a continental digital trade corridor. This initiative will focus on mobile money interoperability, cross-border digital identity verification, and harmonized electronic invoicing.
Bank of Ghana Governor Dr. Johnson Pandit Asiama highlighted that the next phase of Africa's digital finance development will extend beyond payments to include digital credit, emb edded finance, supply-chain finance, and cross-border financial services. Dr. Asiama identified fragmentation, uneven regulatory alignment, and transaction costs as key barriers to scaling digital finance across the continent.
The central bank is advancing regulatory reforms covering virtual assets, open banking, digital credit, and cross-border fintech operations to create a structured digital finance ecosystem. GhIPSS is also strengthening partnerships with regional and international card schemes and exploring collaborations with virtual asset service providers following the passage of Ghana's Virtual Asset Service Providers Act.
This policy direction signifies a growing focus on payment interoperability and shared infrastructure as African economies strive to enhance financial inclusion, support cross-border commerce, and position local financial systems for greater participation in the global digital economy.
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