Building an Inclusive Digital Payments Ecosystem in Ghana

digital payments ecosystem Ghana
Image Credit: McKinsey

A Diagnostic Report by Better than Cash Alliances shows Ghana has taken important steps toward digitizing its economy, and has several of the building blocks of an inclusive digital ecosystem already in place.

The Managing Director of Better than Cash Alliance, Dr. Ruth Goodwin-Groen explains that leading by example, the progress made by government digitalizing its payments encouraged large private businesses to take positive steps in the digitalization process.

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Even so, Ghana remains at the initial stages of its digitization journey, with cash still prevalent in many parts of the economy. The report points out that that estimated annual value of payments made through digital channel in 2016 was 561 billion cedis. Out of this figure it is deduced that 37% of payment is made through electronic channel while the remaining 63% is made by cash


A number of key barriers must be overcome if the country is to drive forward its digitization agenda. The report draws on a fast-growing body of knowledge about success factors in similar markets. It also examines three areas of specific focus. Government fees and fines, public utility payments, and the fast-moving consumer goods sector are areas where digitization can have particularly powerful impacts.

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Realizing the potential gains offered by digitization will help expand financial inclusion, boost government revenues, and drive new economic opportunities for Ghanaian individuals and businesses. In doing so, greater digital payments can significantly strengthen Ghana’s economy and society, now and for generations to come.

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The report concluded that the centralized National ID system is crucial for expanding financial inclusion in the informal sector

By Rebecca Essilfie


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