New UN report reveals momentum for digital payments in Ghana could save over GHS 1 billion within next four years
September 30, 2017
|With 37 percent of the value of all payments now made digitally, Ghana is on course to be a leader in the region, with great potential to expand economic opportunities for businesses|
ACCRA, Ghana, September 27, 2017/ — At an event bringing together key government and business players, the Ghana’s Ministry of Finance and the UN-based Better Than Cash Alliance released a report documenting the country’s progress in creating an economy where everyone can pay and get paid digitally, instead of cash. The results show the country has made significant gains, including almost 100 percent of government payments to people and payments within the government now processed digitally. The findings also reveal there are opportunities for providing more choice to customers.
This move is already translating into direct benefits to people, particularly women, support for small businesses and cost savings for the government. The data also predicts that if the government continues to make progress, savings could reach over GHS 250 million (nearly $60 million) each year, which may result in more than GHS 1 billion ($230 million) by 2020.
“The future really is digitization and how we can leverage on it for the benefit of our citizens. This is why digitizing initiatives such as our flagship conditional cash transfer program Livelihood Empowerment Against Poverty (LEAP) (http://APO.af/S3E6EL) is a key milestone,” said Hon. Ken Ofori-Atta, Minister for Finance of the Republic of Ghana.
“We recognize that there is still more work to do to transition most of the country away from cash. Yet with great potential for cost savings and opportunities to increase transparency and accountability, we cannot afford not to,” the Minister added.
The report provides key insights on the status of digital payments in Ghana and tangible recommendations on how to successfully move forward. In particular, three priorities emerged to help the government and citizens achieve the most benefits:
“We want to congratulate the Government of Ghana for its leadership in building the foundation for an economy less dependent on cash. Under this leadership, the country is making considerable strides to improve transparency, accelerate opportunities for economic growth and empower women by bringing them into the formal financial system,” said Dr. Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance. “Ghana is at a tipping point in its shift to digital payments. We at the Better Than Cash Alliance look forward to continued work with our colleagues across the digital ecosystem in government, companies and international organizations to continue this great progress.”
Ghana’s journThe Better Than Cash Alliance is a United Nations-based partnership of governments, companies, and international organizations that accelerate the transition from cash to digital payments in order to reduce poverty and drive inclusive growth. ey towards building an inclusive digital payments ecosystem
The Better Than Cash Alliance is a United Nations-based partnership of governments, companies, and international organizations that accelerate the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.
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