Ghana placed second behind Côte d’Ivoire in Africa in terms of growth of mobile money services, according to the 2023 Oxford Economics Africa Report titled “The Africa Risk-Reward Index”.
Ghana’s impressive performance is in spite of the Electronic Transfer Levy (e-levy), which initially affected the volume and value of transaction when it was first introduced in May 2022.
According to the report, the value of mobile money transactions in Ghana, Cote d’lvoire and Senegal are well above 100% of Gross Domestic Product (GDP).
“Specifically, mobile money services have made more inroads in Africa than in any other region, with West African countries – namely Senegal, Ghana and Côte d’Ivoire – leading the way,” it stated.
“The uptake of mobile money services – indicative of the need (and desire) to leapfrog traditional financial infrastructure. The value of mobile money transactions in South Africa equates to under 1% of GDP, while the corresponding figures for Senegal and Ghana are well above 100% of GDP”, it added.
In terms of mobile money accounts per 1,000 adults, the country placed second behind Côte d’Ivoire.
With regard to mobile money agents per 1,000, Ghana was ranked second. Senegal placed first in this category.
The report stated that there seems to be an inverse relationship between the maturity of a country’s financial sector and the uptake of mobile money services – an indicative of the need and desire to leapfrog traditional financial infrastructure.
Total Mobile Money transactions in the country in the first eight months of 2023 hit a record GHS1.190 trillion.
According to the Bank of Ghana, active mobile money accounts as of August this year stood at 21.6 million, whilst active agents stood at 556,000.
The 2023 Oxford Economics Africa’s Report examined the profits and pitfalls of polarization in each African country, African-led security interventions, and how African countries are financing for the future.
