Ghana to accelerate digital payments and drive inclusive growth
The Ghanian Ministry of Finance has launched a three policy initiatives to build on the previous call for financial institutions, telecommunications and fintech sectors to find innovative ways of turning mobile phones and the mobile money platforms into vehicles of economic emancipation for the many players in the large informal sector.
The National Financial Inclusion and Development Strategy, developed in collaboration with the World Bank, aims at increasing financial inclusion from currently 58 percent to 85 percent by 2023.
The Digital Financial Services Policy, developed in partnership with the Consultative Group to Assist the Poor (CGAP), builds on existing technological gains to create a resilient, inclusive and innovative digital ecosystem that contributes to social development, a robust economy and a thriving private sector.
The Cash-Lite Roadmap, designed in collaboration with the United Nations-based Better Than Cash Alliance, puts forward concrete steps to build an inclusive digital payments ecosystem. This includes better access to financial services, enabling regulation and oversight, and promoting consumer protection.
According to Dr. Ruth Goodwin-Groen, Managing Director of the United Nations-based Better Than Cash Alliance, "Ghana is already recognised as a global digital payments success story!
We look forward to continuing working with our members, the Government, as well as with the private sector and international organisations, to accelerate the new ambitious cash-lite roadmap, in a way that is responsible and responsive to the needs of all Ghanaians.”
As part of these policy efforts, the government has set up a new Digital Payments Coordination Unit to drive effective stakeholder engagement on the implementation of key actions.
The launch also reinforces the position of Mr. Ken Ofori-Atta, Hon. Minister of Finance, to the effect that “Digital payments help drive transparency, accountability, efficiency, as well as greater women’s participation in the economy. Moving away from cash helps our country advance towards achieving many of the Sustainable Development Goals.”
The launch significantly projects Ghana as a digital payment success story.