The Bank of Ghana (BoG) has developed an in-house software system to improve currency management, strengthen operational efficiency, and enhance the distribution of banknotes across the country as part of efforts to modernise its currency operations.
The system, known as the Enterprise Currency Operations Management Software (ECOMS), was developed using the central bank’s internal technical expertise and resources, Governor Dr Johnson Pandit Asiama has disclosed.
Speaking at the launch of the Ghana Heritage Series banknotes at Bank Square in Accra, Dr Asiama said the initiative formed part of the Bank’s broader responsibility to maintain public confidence in the country’s payment systems and ensure that its currency infrastructure responded to the changing needs of the economy.
He said the Bank had developed ECOMS entirely in-house, relying on its own technical expertise and institutional capacity.
“And in furtherance of this objective, the Bank has developed what we call the Enterprise Currency Operations Management Software, or in short, ECOMS. And we have done this entirely in-house, leveraging our own technical expertise and internal capacity,” he stated.
According to the Governor, the software is designed to improve coordination, strengthen operational efficiency and support effective currency management nationwide.
“The aim of that software is to improve coordination, to strengthen operational efficiency, and to support effective currency management across the country,” he explained.
Dr Asiama further revealed that the innovation had attracted considerable interest from other central banks, with several sister institutions seeking to learn from Ghana’s experience.
“I am proud to inform you that several of our sister central banks are rushing in just to learn from this innovation,” he said.
The development, he noted, demonstrated the Bank’s efforts to build internal technical capacity and adopt solutions that would improve the administration of currency operations.
Bank upgrades currency processing systems
Beyond the introduction of ECOMS, the Bank of Ghana is also expanding the use of modern technology in the processing and management of physical currency.
Dr Asiama said the Bank’s currency processing centres were using advanced banknote processing systems to sort and authenticate notes, as well as identify those that were no longer suitable for circulation.
He explained that the systems were essential in ensuring that banknotes held by the public remained genuine and met the required standards of quality.
The Governor said the exercise was part of the Bank’s continuing responsibility to protect the integrity of the national currency and maintain confidence in cash transactions.
The processing systems enable the central bank to separate fit notes from unfit ones, helping to ensure that damaged or unsuitable banknotes are withdrawn from circulation.
Ho and Tamale to get new cash centres
In another development, Dr Asiama announced plans to establish additional cash centres at the Bank of Ghana’s regional offices in Ho and Tamale.
The proposed facilities are expected to bring currency services closer to individuals, businesses and financial institutions outside Accra.
He said the expansion formed part of the Bank’s broader efforts to improve access to currency services and strengthen its operational presence across the country.
The establishment of the two centres is expected to support the more efficient handling and distribution of cash while reducing the need for some currency-related operations to be concentrated in the national capital.
The Governor indicated that the facilities would soon be established as the Bank continued to modernise its currency management infrastructure.
Dr Asiama’s announcement highlights the central bank’s dual approach to improving currency operations: investing in locally developed technology to strengthen internal systems while expanding physical infrastructure to improve service delivery.
Through ECOMS, upgraded banknote processing systems, and the planned cash centres in Ho and Tamale, the Bank of Ghana is seeking to enhance the efficiency, accessibility and reliability of cash management across the country.