Controller and Accountant-General’s Department
The Controller and Accountant-General’s Department has signed a Service Level Agreement (SLA) with the Bank of Ghana and the 24 banks in Ghana to operationalise an integrated Electronic Funds Transfer (EFT) – a fully interoperable electronic payment system for all government transactions – in a major public financial management reform, essentially eliminating the use of physical cheques.
This integrated the Ghana Interbank Payment and Settlement System (GHIPSS) with the Ghana Integrated Financial Management Information System (GIFMIS) to create a single, traceable and interoperable electronic payment system that links government to the 24 commercial banks, including ARB Apex Bank.
This agreement has established the integrated GHIPSS-GIFMIS platform as the only authorised channel for all government payments, making transactions more secure and traceable. This eliminates the use of physical cheques since all payments will be conducted via electronic transfers on the integrated GHIPSS-GIFMIS platform.
Under this arrangement, the integrated GHIPSS-GIFMIS will manage how Ministries, Departments, Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs) make payments to suppliers and third parties across the banking sector.
Speaking at the signing, Controller and Accountant-General Kwasi Agyei said the reform is long overdue. “For too long, the public sector has relied on manual cheque books – systems that are slow, difficult to reconcile and prone to inefficiencies and misuse. That era must now end,” Mr. Agyei stated.
He noted that as the custodians of public finances, his department’s responsibility is to ensure every cedi is properly authorised, traceable and accounted for. “Electronic Funds Transfer is no longer optional; it is now compulsory. It offers speed, transparency, auditability, reduction of leakages and corruption, reinforces fiscal discipline and, most importantly, provides stronger control over public funds,” Mr. Agyei said.
Deputy Minister of Finance, Thomas Nyarko Ampem, who spoke on behalf of the sector minister, said the reform is a critical component of government’s broader fiscal consolidation strategy.
“It is our view that every inefficiency in payment systems is a fiscal problem. This affects cash management, distorts budget execution and ultimately undermines public confidence,” he said.
The deputy minister further stated that the reform will improve accountability – providing auditable digital footprints, control real-time liquidity and improve efficiency by eliminating manual bottlenecks.
He noted that the reform aligns with the Public Financial Management Act, 2016 (Act 921), its 2025 amendments and the Treasury Single Account framework.
Acknowledging that transitioning into the fully electronic system will be gradual, Mr. Agyei assured it will be supported by training. “Let me clarify: the shift away from manual cheques will be gradual, but it will be firmly enforced. MDAs and MMDAs must comply. We will facilitate this transition with clear guidelines, structured training and effective change management. Nonetheless, the message remains unequivocal – electronic payments are now the standard,” he added.
Ampem noted that systems alone are insufficient without institutional discipline, calling on financial institutions to ensure strict compliance. “This reform will only succeed if implementation is disciplined, coordinated and sustained,” he warned.
He said the reform seeks to rebuild trust in state institutions. “Every cedi that moves through the public financial system must be traceable. Every transaction must be accountable. And every reform must deliver value to the Ghanaian people. This is how we rebuild trust. This is how we strengthen the state. And this is how we secure Ghana’s economic future,” Ampem stated.
