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Mobile money transactions in Ghana surged by 44% year-on-year in the first four months of 2024 to $53.1bn (GHS779.1bn).
Despite the introduction in May 2022 of an unpopular electronic transactions levy (E-Levy) of 1.5%, the sector has shown steady growth.
According to the Bank of Ghana’s March 2024 Summary of Economic and Financial Data, the monthly transaction values were as follows: $13.5bn (GHS198.4bn) in January, $13.3bn (GHS195.8bn) in February, $12.4bn (GHS181.9bn) in March, and $13.8bn (GHS203.0bn) in April.
The total number of transactions showed a slight fluctuation but remained strong, starting at 618mn in January, dipping to 609mn in February, rising to 631mn in March, and slightly decreasing to 630mn in April. Active mobile money accounts grew steadily from 22.9mn in January to 23.9mn in April.
For context, the total value of mobile money transactions for the entire year of 2023 was a record $130bn (GHS1.912 trillion), compared to $72.9bn (GHS1.07 trillion) in 2022, showcasing the rapid expansion of mobile money usage in Ghana.
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