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The total value of mobile money transactions in Ghana reached GH¢1.775 trillion in the first eight months of 2024, marking a substantial increase from the GH¢1.031 trillion recorded during the same period in 2023.
This data, provided by the Bank of Ghana (BoG), highlights the growing role of mobile money in driving financial inclusion across the country.
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The monthly breakdown of mobile money transactions in 2024 shows fluctuations, with a peak in August reaching GH¢273.6 billion. Despite some dips earlier in the year, such as GH¢181.9 billion in March, the general upward trend reflects increasing reliance on mobile money services.
This growth presents an opportunity for the country to further enhance financial inclusion and economic engagement through mobile platforms. However, concerns have been raised about why this surge in mobile money transactions has not translated into higher revenue from the Electronic Transaction Levy (E-Levy). The shortfall could stem from various factors, such as tax avoidance, exemptions, or inefficiencies in collecting the levy.
A comparison of the data shows the following monthly transaction values:
| Month | 2023 Transactions | 2024 Transactions |
|---|---|---|
| January | GH¢130.1bn | GH¢198.4bn |
| February | GH¢134.0bn | GH¢195.8bn |
| March | GH¢147.5bn | GH¢181.9bn |
| April | GH¢138.8bn | GH¢203.0bn |
| May | GH¢159.7bn | GH¢243.4bn |
| June | GH¢149.4bn | GH¢224.0bn |
| July | GH¢169.6bn | GH¢264.9bn |
| August | GH¢161.8bn | GH¢273.6bn |
The consistent rise in mobile money usage underscores its importance in the digital economy, yet it calls for a closer examination of how the E-Levy can be optimized to better capture revenue from these transactions.
