3.13.1 Payments System Ghana’s payment system is supported by various laws in line with the core principles for systemically important payment systems. The laws cover payment instruments, institutions, clearing houses, clearing and settlement systems, and include: • Bank of Ghana Act, 2002 (Act 612) • The Payment Systems Act, 2003 (Act 668) • The Bills and Exchange Act, 1961 (Act 55) 3.13.2 Interbank Clearing and Settlement Circuits a) Ghana Interbank Settlement (GIS) System The GIS is a real time gross settlement system for the handling of large value interbank payments in Ghana. The participation in the GIS system is limited to licensed clearing banks who are members of SWIFT. b) Clearing Houses The clearing of cheques and paper credit vouchers is handled by the eleven clearing houses distributed throughout the country. The clearing houses are jointly owned by the Bank of Ghana and the banks. c) Retail Debit Clearing System Cheques and other paper-based debit instruments are the most widely used non-cash payment media in Ghana. d) Retail Credit Clearing System The inter-bank credit clearing system complements the “debit pull” instruments. It has a shorter clearing cycle and less risk of fraud from tampering 3.13.3 Banks Domain Electronic Funds Transfer These comprise the following: Sixth Annual APRM Progress Report: January – December 2011 61