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According to the September 2023 Summary of Economic and Financial Data released by the Bank of Ghana (BoG), the total value of Mobile Money transactions in the first eight months of the year reached a record ¢1.190 trillion. This figure marks a significant increase compared to ¢655.97 billion recorded during the same period in 2022.
The data from the Central Bank reveals that July 2023 witnessed the highest mobile money transaction volume, amounting to ¢169.6 billion. Notably, month-on-month mobile money transactions have consistently exceeded ¢130 billion, indicating a positive trend.
This surge in mobile money transactions suggests that the government may be on track to achieve its Electronic Transfer Levy (E-Levy) target for 2023.
Here is a breakdown of mobile money transactions for the first eight months of 2023 compared to the same period in 2022:
- January 2023: ¢130.1 billion (January 2022: ¢76.2 billion)
- February 2023: ¢134.0 billion (February 2022: ¢76.5 billion)
- March 2023: ¢147.5 billion (March 2022: ¢90.5 billion)
- April 2023: ¢138.8 billion (April 2022: ¢87.7 billion)
- May 2023: ¢159.7 billion (May 2022: ¢71.4 billion)
- June 2023: ¢149.4 billion (June 2022: ¢77.1 billion)
- July 2023: ¢169.6 billion (July 2022: ¢89.1 billion)
- August 2023: ¢161.8 billion (August 2022: ¢87.1 billion)
Despite this substantial growth in mobile money transactions, revenue generated from these transactions has fallen below the government’s expectations. To address this, the government reduced the tax rate on electronic transactions from 1.5% to 1.0% on January 11, 2023.
Furthermore, the total value of Mobile Money Interoperability for the first six months of 2023 was estimated at ¢22.795 billion, with the largest single transaction amounting to ¢3.158 billion in April 2023.
The consistent growth in mobile money transactions demonstrates the increasing popularity and importance of digital financial services in Ghana’s economy.
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