Ghana’s digital finance story still not complete, as more transactions end up as cash – BoG Governor
The governor stated that everything must be done to ensure that people keep their money in digital form to help give real meaning to the quest to have a cashless society.
Bank of Ghana Governor Dr. Johnson Asiama has expressed concern over the majority of digital transactions in Ghana still ending up as cash. Speaking at the launch of the digital payment platform Sao Pay, he emphasized that "Changing that is now the task of every issuer in this market." The governor called for measures to ensure that people keep their money in digital form to achieve a true cashless society.
Dr. Asiama acknowledged the progress made by the mobile money platform, which currently holds nearly GH¢40 billion in customer balances across 85.8 million registered accounts as of August 2026. However, he stressed that "reach is not the same as value, as only about 26.4 million of those accounts had been used in the previous ninety days, fewer than one in three." This discrepancy highlights the need for urgent action to address the challenges faced by mobile money transactions.
The governor pointed out that weak regulatory compliance has been a contributing factor to the issues in the digital payments sector. He urged for sustained attention in this area, as it is crucial for the proper functioning of a dedicated electronic money issuer like Sao Pay. The governor noted that "at all times, the value represented electronically to customers must be properly accounted for and supported by the funds required under the applicable regulatory framework."
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