The total value of mobile money transactions in Ghana surged by a remarkable GH¢744 billion, hitting GH¢1.775 trillion in the first eight months of 2024, according to data from the Bank of Ghana.
This figure represents a significant rise compared to the GH¢1.031 trillion recorded during the same period in 2023.
This impressive growth in mobile money transactions highlights the increasing adoption of digital payments and provides an opportunity to deepen financial inclusion in the country. However, it also raises questions about why the government isn’t generating substantial revenue from the Electronic Transaction Levy (E-Levy).
The Bank of Ghana’s September 2024 Summary of Economic and Financial Data detailed the month-by-month performance of mobile money transactions. In January 2024, the value of transactions stood at GH¢198.4 billion, slightly dropping to GH¢195.8 billion in February. The downward trend continued in March, with transactions dipping to GH¢181.9 billion.
However, the tide turned in April 2024, with mobile money transactions jumping to GH¢203.0 billion. The upward momentum continued in May 2024, with a rise to GH¢234.3 billion, although June saw a slight dip to GH¢224.0 billion.
By July 2024, transactions had surged to GH¢264.9 billion, reaching GH¢273.6 billion in August 2024, marking a consistent increase in the latter months.
This growth underscores the vital role mobile money plays in Ghana’s economy, but it also raises concerns about maximizing the potential revenue from the sector through initiatives like the E-Levy.