Ghana’s economy still cash-driven despite success of MoMo, digital payments – BoG Governor bemoans

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Despite efforts of the government and its stakeholders to build a cashlite economy, Governor of the Bank of Ghana, Dr. Ernest Yedu Addison has bemoaned the continual usage of high volumes of cash in the Ghanaian economy.

According to him, with the number of policies, programs and heavy investments into digital payments over the years, one would have expected that cash usage will be less that the use of digital payment platforms, but cash transactions in the economy still remains supreme although the digital payment drive has recorded some level of success.

Giving the keynote at the 2021 MTN Mobile Money Month Stakeholder Forum, Dr. Ernest Addison said many Ghanaians continue to opt for the usage of physical cash in their transactions despite the availability of numerous digitized payment platforms.

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He described the situation as unfortunate noting that it is an indication that despite the success of mobile money operations in the country, the adoption of digital payment platforms is still uneven which requires more improvement.

“With such giant strides in Ghana’s financial digitization process, one would have thought that cash usage would go down to the barest minimum. Unfortunately, this is not so, despite the attendant risks with cash usage,” the Governor of the Central Bank of Ghana bemoaned.

He further stated that “this clearly shows that the adoption of digital payments still remains uneven and there is room for improvement to move the frontier towards financial inclusiveness through broad-based digital payments.”

To address the challenge of a cash-driven economy, Dr. Addison disclosed that it is the Bank’s long-term strategy to push for more collaboration among providers of financial digital products and electronic financial services.

SourceABC News

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