• Credit cards – there are no locally issued credit cards in Ghana. However, international credit cards such as Visa, American Express and Baclaycard among others are accepted by the ATMs. • Debit cards – pin-based debit cards are available in Ghana • Store value money (e-money) such as Sika card and Mondex are available • Automated Teller machines • Electronic Funds transfer – Cross border payments via SWIFT Transfers • Electronic Funds transfer – Inward Remittances Payment Systems Project for WAMZ As parts of efforts to address this challenge, the West African Monetary Institute (WAMI) is currently implementing two payment system reforms aimed at developing the SWIFT and Real Time Gross Settlement Systems (RTGS). A number of positive developments have been recorded in Ghana. • Ghana has established a real time gross settlement systems (RTGS) and has largely automated her retail payment systems. • Almost all the banks in the country have migrated onto the SWIFT. As many as 22 banks connect to SWIFT through the SWIFT Alliance Gateway of the Bank of Ghana. • With the implementation of FileAct service banks in Ghana are required to submit their daily forex deals with rates for each transaction to the Central Bank. This has greatly enhanced the process of gathering and publication of foreign exchange rates by the Bank of Ghana. West African Monetary Zone (WAMZ) The creation of a West African Monetary Zone (WAMZ) requires the harmonization of laws governing financial institutions in the member countries; the design of an exchange rate mechanism; the creation of a foreign exchange reserve management system; a viable Sixth Annual APRM Progress Report: January – December 2011 62