According to the latest report released by the Bank of Ghana, mobile money transactions in Ghana soared to a staggering GH¢1.07 trillion in 2022, surpassing the previous year’s record of GH¢902.5 billion.
The total mobile money transactions for January and February stood at GH¢76.2 billion and GH¢76.8 billion, representing a 13% growth for both months compared to the same period in 2021. The transaction volumes steadily increased throughout the year, except for May and June, when they declined. Implementing the electronic levy in May led to a decline in mobile money transactions, and the trend quickly reversed in August, from $81.8 billion in 2021 to ¢87.1 billion in 2022. In October and November, the value of transactions skyrocketed, reaching GH¢100.2 billion and GH¢117.0 billion, respectively. The December data stood out as the highest increase from ¢82.9 billion in 2021 to ¢122.0 billion in 2022, signifying the growing importance of mobile money in Ghana’s economy.
The surge in mobile money transactions is a significant milestone for Ghana, showing how the country is rapidly transitioning to a cashless society. The Bank of Ghana has attributed this growth to the increasing adoption of mobile money, as it offers a safe, efficient, and convenient way of conducting financial transactions.
Source: Ghana Web
