\n
UN-based Better Than Cash Alliance has released a report documenting the Ghana\u2019s progress in creating an economy where everyone can pay and get paid digitally, instead of cash.<\/p>\n
The results show the country has made significant gains, including almost 100 percent of government payments to people and payments within the government now processed digitally.<\/p>\n
The findings were made known at an event Wednesday that brought together key government stakeholders, including the Finance Ministry, and business players.<\/p>\n
<\/p>\n
The findings also reveal there are opportunities for providing more choice to customers.This move is already translating into direct benefits to people, particularly women, support for small businesses and cost savings for the government.<\/p>\n
The data also predicts that if the government continues to make progress, savings could reach over GH\u00a2250 million (nearly $60 million) each year, which may result in more than GH\u00a2 1 billion ($230 million) by 2020.\u00a0<\/p>\n
\u201cFor digital financial services to reach all segments of the society, \u00a0Interoperability is a key and critical ingredient to evolving larger payment ecosystems. The Ghana Interbank Payment and Settlement Systems (GhIPSS) today provides the largest interoperable domestic network for multiple services and provides interoperability as the core service to the community,\u201d said Deputy Finance Minister, Charles Adu Boahen.<\/p>\n
\u201cThe Government of Ghana is determined to harness the benefits of digitization by developing a nationally inclusive digital payments ecosystem where everyone can make \u2013 and receive \u2013 payments digitally.\u00a0 Government is taking the lead in this process by digitizing its payments in order to bolster the effectiveness of fiscal operations, improve security of government transactions and eliminate wastes and leakages through a stronger transactions audit trail.\u00a0<\/p>\n
\u201cWhile Ghana has built the necessary ingredients to transform to a cash-lite economy, the Government recognises the need to bring together the private and public sectors as well as our development partners to come out with a common approach to scaling-up digitization in the country,\u201d he adds.\u00a0\u00a0<\/p>\n
The report provides key insights on the status of digital payments in Ghana and tangible recommendations on how to successfully move forward.<\/p>\n
In particular, three priorities emerged to help the government and citizens achieve the most benefits:<\/p>\n
Investing in infrastructure for digital public utility payments: 80 percent of the population uses public essential services such as water and electricity, but only 20 percent of the population has access to digital technology such as smart meters. By investing in smart distribution infrastructure that digitize end-to-end delivery and payment, it will increase efficiencies and ease of use for citizens \u2013 ultimately increasing adoption.<\/p>\n
Digitizing payment of government fees and fines: With 97 percent of fees and fines currently paid in cash, the Ghanaian government could gain enormous cost savings if they commit to using digital payments exclusively and mandate all government agencies to use a central payment system.<\/p>\n
Encouraging digital payments in the Fast Moving Consumer Goods (FMCG) value chain to support digitization of small retailers and customers: For FMCG companies operating in Ghana, 96 percent of distributor payments and 59 percent of vendor and employee payments in volume are made in checks.<\/p>\n
However, 99.9 percent of individual payments for consumption goods by volume are still completed in cash, as individuals continue to purchase essential consumer goods, including food, in the informal economy with small retailers. This indicates the tremendous potential impact any shift to digital payments in this value chain can have on the overall ecosystem.<\/p>\n
By transitioning away from cash, small business owners can avoid storing large amounts of cash, drive customers\u2019 adoption and boost access to formal saving and loan products which can expand their economic potential. This will especially improve the lives of women, who represent many of the small retailers in the FMCG sector.<\/p>\n
![\"Dr.](\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/09\/5802817360860_9348336434716.jpg\")
<\/p>\n
\u201cWe want to congratulate the Government of Ghana for its leadership in building the foundation for an economy less dependent on cash. Under this leadership, the country is making considerable strides to improve transparency, accelerate opportunities for economic growth and empower women by bringing them into the formal financial system,\u201d said Dr. Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance.<\/p>\n
\u201cGhana is at a tipping point in its shift to digital payments. We at the Better Than Cash Alliance look forward to continued work with our colleagues across the digital ecosystem in government, companies and international organizations to continue this great progress.\u201d<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"UN-based Better Than Cash Alliance has released a report documenting the Ghana\u2019s progress in creating an economy where everyone can pay and get paid digitally, instead of cash. The results show the country has made significant gains, including almost 100 percent of government payments to people and payments within the government now processed digitally. The […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-422974","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n
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