According to the World Bank report tilted: “4th Ghana Economic Update”, Ghana has emerged as the fastest growing mobile money market in Africa. The mobile phone penetration in Ghana has led to the expansion of financial services and increased the role of non-financial institutions.
The report which surveys the financial sector development and financial inclusion, further stated that the development indicated the potential of digital financial services and payments to further enhance financial inclusion in Ghana. Launching the fourth Ghana Economic Update, Dr. Henry Kerali, the World Bank Country Director in Ghana, observed that Ghana’s economy did a turnaround over the past two years and it would be important to leverage the momentum that the fiscal responsibility law created and ensure that fiscal sustainability could be maintained across economic and political circles,.He pointed out that more domestic resource mobilisation would be key to this effort.
It was noted that a the major share of the growth was due to the spread of mobile money and government facilitation of interoperability across payment instruments through mobile money switching solution.The report highlighted that Ghana’s annual economy continued to grow at 6.3 per cent in 2018, fuelled by growth in mining, petroleum, agriculture and sustained expansion in forestry and logging.
