Business
Ghana Mobile Money Transactions Hit GH¢3 Trillion as Digital Payments Surge – Bank of Ghana
Ghana’s digital payments ecosystem continues its rapid expansion, with the total value of mobile money transactions reaching GH¢3.01 trillion in 2024 (or $261 billion), according to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report.
The figure represents a 56.8 per cent increase over the GH¢1.92 trillion recorded in 2023, underscoring the country’s growing dependence on mobile money platforms for everyday financial transactions across households and businesses.
The central bank said the structure of transaction values remained largely consistent with previous years. Agent-to-agent transactions accounted for the largest share at 34.8 per cent, followed by third-party transfers at 15.4 per cent. Cash-out withdrawals made up 10.9 per cent, cash-in transactions accounted for 9.9 per cent, while bank-to-wallet transfers represented 7 per cent of total transaction value.
Transaction volumes also recorded strong growth. Total mobile money transactions rose by 18.9 per cent to 8.1 billion transactions in 2024, up from 6.8 billion in 2023. The Bank of Ghana attributed the increase to the rising use of mobile money for frequent, low-value payments.
The average transaction value climbed to GH¢372 in 2024, a 32.3 per cent increase from GH¢281 in the previous year.
Momentum has continued into 2025. Data released in the Bank of Ghana’s latest Economic and Financial Data following its recent Monetary Policy Committee meeting show that mobile money transactions reached GH¢3.6 trillion between January and October 2025. Monthly figures rose from GH¢406 billion in September to GH¢436 billion in October, reflecting sustained growth.
By comparison, mobile money transactions for the January–October period stood at GH¢2.368 trillion in 2024 and GH¢1.367 trillion in 2023. In the first eight months of 2024 alone, transactions totaled GH¢1.775 trillion.
Beyond mobile money, the report highlighted strong growth in other digital banking channels. Internet banking transactions more than doubled in value, rising by 114.9 per cent to GH¢212 billion in 2024, compared to GH¢98.9 billion in 2023. Transaction volumes surged by 93.0 per cent to 26.1 million.
Mobile banking transactions also expanded significantly, with total transaction value increasing to GH¢165 billion from GH¢80.4 billion the previous year. Volumes climbed to 154.3 million transactions, up from 66.9 million. Average daily transaction volumes rose sharply, with internet banking increasing by 93.04 per cent to 71,407, while mobile banking jumped by 130.5 per cent to 422,710.
The Bank of Ghana attributed the growth in internet and mobile banking to the rollout of new digital banking services by some banks in 2024, alongside rising customer demand.
Inbound remittance services also recorded notable expansion. The central bank approved 14 inbound remittance services in 2024, double the seven approved in 2023. The report noted that remittances remain a critical contributor to Ghana’s national income, with banks increasingly partnering with money transfer operators to credit funds directly into bank accounts and mobile money wallets via the GhIPSS Instant Pay platform and other fintech solutions.
Card-based payment services also expanded. The Bank of Ghana approved four new card services in 2024, up from two the previous year. These included Mastercard prepaid and credit cards, a Visa card direct service, and two virtual prepaid card products.
In a further sign of innovation, the Bank approved one financial institution to offer basic banking services through WhatsApp, reflecting how financial service providers are leveraging digital and social media platforms to broaden access to banking services.
Overall, the report paints a picture of a rapidly digitising financial system, positioning Ghana as one of Africa’s leading mobile money and digital payments markets.
Business
Ghana Nears Approval of Cannabis Licences as Country Prepares to Launch Regulated Industry
Accra, Ghana – Ghana’s Narcotics Control Commission (NACOC) is in the final stages of reviewing applications for cannabis licences, with successful applicants expected to receive approval to begin operations soon, marking a significant milestone in the country’s efforts to develop a legal and regulated cannabis sector.
Deputy Director-General for Enforcement, Control, and Elimination, Alexander Twum-Barimah, disclosed this while speaking at the Kwahu Business Forum on Saturday.
He emphasised that the review process has been “thorough and deliberate” to ensure that only applicants who fully meet all legal, regulatory, and security requirements are granted licences. NACOC officials engaged with potential investors at the forum’s exhibition stand, providing details on various licence categories, including cultivation, processing, distribution, and export.
Mr Twum-Barimah stressed that the commission is committed to building a properly regulated industry that creates legitimate economic opportunities while maintaining strict controls to prevent misuse and illegal activities.
“The goal is to strike a balance between enabling economic development and safeguarding public health and security,” he said.
All licence holders will be subject to ongoing monitoring and compliance checks.
The development signals Ghana’s intention to harness the economic potential of cannabis through job creation, investment, and export revenue, while aligning with international best practices in regulation. Further updates on the licensing process are expected in the coming weeks.
Business
3 Things Ghana is Doing to Reduce Fuel Prices Amid Global Uncertainty
Accra, Ghana – As global oil prices continue to surge due to the ongoing Middle East conflict, the Ghanaian government has announced immediate and practical measures aimed at cushioning citizens from the impact of rising fuel costs.
Following an emergency Cabinet session chaired by President John Dramani Mahama, the government outlined three key interventions focused on direct price relief, affordable public transportation, and cutting unnecessary government expenditure on fuel.
Here are the 3 major steps Ghana is taking:
1. Suspension of Selected Taxes and Margins on Fuel
Ministers of Finance and Energy have been directed to suspend certain taxes and margins in the next fuel pricing window. This temporary reduction, which will last for four weeks (subject to review based on developments in the Middle East and global crude prices), is expected to ease the burden on consumers and transporters.
2. Massive Expansion of Affordable Metro Mass Transit Buses
The Minister for Transport has been tasked with fast-tracking the deployment of 100 newly acquired Metro Mass Transit buses onto high-traffic routes across the country. These state-owned buses will maintain significantly lower fares compared to private operators, offering citizens a cheaper and more reliable alternative for daily commuting.
3. Strict Enforcement of Ban on Fuel Allocations for Government Officials
All Ministers and senior government appointees have been reminded to strictly comply with President Mahama’s earlier directive cancelling fuel allocations and allowances. This move is aimed at reducing government expenditure on fuel and demonstrating leadership in belt-tightening during these challenging times.
These interventions form part of the government’s broader strategy to protect the economy and citizens from external shocks while hoping for de-escalation in the Middle East conflict.
Business
Upcoming Super El Niño Threatens to Worsen Global Food Crisis Amid Iran Conflict
Climate scientists and food security experts are warning that a powerful “super El Niño” expected later in 2026 could significantly intensify global food price pressures already heightened by the ongoing Middle East conflict involving Iran.
According to US meteorologists, there is roughly a one-in-three chance of a strong El Niño forming between October and December, while European models suggest an even higher probability of an exceptionally strong event.
A “super El Niño” occurs when sea surface temperatures in the eastern Pacific rise at least 2°C above normal. This phenomenon typically triggers extreme weather patterns, including severe droughts in key agricultural regions, which can sharply reduce crop yields for commodities such as cocoa, rice, sugar, food oils, coffee, bananas, and soy.
The timing is particularly concerning because the Iran conflict has already disrupted global fertilizer supplies and shipping routes through the Strait of Hormuz, driving up costs for fuel and agricultural inputs. Analysts say the combination of war-induced supply shocks and El Niño-driven weather extremes could create a “double squeeze” on food production and prices. The United Nations World Food Program has cautioned that prolonged conflict and elevated oil prices could push the number of acutely food-insecure people globally significantly higher.
Dawid Heyl of Ninety One noted that while the Russia-Ukraine war affected food markets, the current situation is more worrying due to its direct impact on fertilizer production and availability.
He warned that overlapping negative factors — geopolitical disruption and strong El Niño conditions — could prove especially damaging for vulnerable countries in Africa, India, Australia, Brazil, and Argentina.
Experts state that long-term resilience will require greater investment in climate adaptation, diversified supply chains, and international cooperation to protect global food security as geopolitical and climate risks increasingly intersect.
-
Opinion16 hours agoOpen Letter to the British Ambassador on Reparatory Justice: Ghana’s Call to the British Government
-
Festivals & Events2 days agoCelebrating Black Voices in Fiction at the 2026 Black Girl Book Fair
-
Ghana News4 hours agoNewspaper Headlines Today: Wednesday, April 10, 2026
-
Ghana News2 days agoGhana Celebrates Link to NASA’s Historic Artemis II Lunar Mission Through Astronaut Christina Koch
-
Taste GH14 hours agoSmoke, Sweetness and Street Life: The Timeless Charm of Ghana’s Roasted Corn
-
Ghana News17 hours ago7 Dead, 2 Missing After Boat Capsizes on Volta Lake in Ghana
-
Taste GH2 days agoIvory Coast Roots, Ghanaian Soul: The Irresistible Rise of Akyeke and Tilapia
-
Business17 hours ago3 Things Ghana is Doing to Reduce Fuel Prices Amid Global Uncertainty
