5.22.2   Expand  the  Depository  System  into  a  Registry  System   The  GSE  depository  will  serve  as  a  registry  for  companies  and  shares  until  the  BoG  depository  is   operational.     PAYMENT  SYSTEMS  (SETTLEMENT  TIME)   5.23   DELAYS  IN  CLEARANCE  OF  CHEQUES  AND  PAYMENT  SYSTEM   5.23.1   Promote  the  2  Hours  Transmissions  of  Payments  under  BoG’s  NPDS   The   Ministry   of   Finance   and   Economic   Planning   (MoFEP)   and   the   Bank   of   Ghana   (BoG)   are   working  on  reducing  settlement  time  to  T+1.  In  order  to  accomplish  this,  a  national  electronic   payment  switch  is  being  developed.   5.23.2   Introduce  Central  Electronic  Clearing  of  Cheques   The   Bank   of   Ghana   has   started   with   implementation   of   the   central   electronic   clearing   of   cheques.   Funds   have   been   provided   by   MiDA,   with   a   solution   provider   selected   to   install   the   system.  The  Bank  points  out  that  the  system  is  expected  to  be  operated  by  the  Ghana  Interbank   Payment  and  Settlement  System  (GHIPSS),  a  subsidiary  of  Bank  of  Ghana.   All   banks   are   expected   to   be   linked   electronically   to   the   system.   The   BoG   has   targeted   the   second  quarter  of  2009  for  the  system  to  commence  operations.     5.24   CAPACITY  OF  REGULATORY  BODIES  TO  MONITOR  COMPLIANCE   5.24.1   Enhance  GSE,  SEC,  NIC  Resources,  Staffing  and  Training   The  Securities  and  Exchange  Commission  (SEC)  would  like  to  have  more  resources  in  order  to   do  their  job  more  effectively.   Majority   of   Respondents   (54.8   percent)   reported   that   there   has   been   an   improvement   in   Government’s  support  to  SMEs  (Figure  34).   120