Ghana’s digital finance story still not complete, as more transactions end up as cash – BoG Governor

Bank of Ghana's Dr. Johnson Asiama has expressed concerns that a majority of digital transactions in Ghana still end up as cash. He emphasized that "it is still unfortunate that too much digital value ends its journey as cash" at many merchant counters, with cash remaining the default payment method. Asiama, speaking at the Sao Pay platform launch, stated that transforming the country into a cashless society requires collective efforts from market participants.

While acknowledging the encouraging role of mobile money, the governor highlighted that there are still critical challenges to address. In August 2026, there were approximately 85.8 million registered mobile money accounts holding nearly GH¢40 billion in customer balances. However, only about 26.4 million of these accounts were utilized in the preceding ninety days, representing fewer than one in three accounts.

Asiama identified weak regulatory compliance among the root causes of issues in the digital payments sector, emphasizing the need for sustained attention in this area.

For dedicated electronic money issuers like Sao Pay, Asiama stressed the importance of stringent supervision. He stressed that the three-way reconciliation between the e-money platform, the bank position, and corresponding customer funds is crucial to ensure that the electronic value represented to customers is properly accounted for and supported by the necessary funds under the applicable regulatory framework.