(1) In furtherance of subsection (2) of section 3, the Bank of Ghana shall establish a Payment Systems Advisory Committee.

(2) The Payment Systems Advisory Committee shall advise the Bank of Ghana on the following:

(a) the regulation and oversight of the payment systems;

(b) Operational and technical stands of payment systems; and

(c) any other matter affecting payment services clearing and settlement of payments.

(3) The Payment Systems Advisory Committee shall consist of

(a) the Governor of the Bank of Ghana or in the absence of the Governor, a Deputy Governor as the chairperson;

(b) one representative each of the following institutions not below the rank of a Director:

(i) National Information Technology Agency;

(ii) Ministry of Finance; and

(c) six other members of relevant stakeholders determined by the Bank of Ghana.

(4) A member of the Payment Systems Advisory Committee shall hold office for a period of four years and is eligible for re-appointment for another term only.

(5) Subsection (4) does not apply to the Governor of the Bank of Ghana or the alternate of the Governor of the Bank of Ghana.

(6) Members of the Payment Systems Advisory Committee shall be appointed by heads of relevant stakeholder institutions.