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

Bank of Ghana Governor Dr. Johnson Asiama has raised concerns about the fact that the majority of digital transactions in the country are still ending up as cash.

He therefore stated, “It is still unfortunate that too much digital value ends its journey as cash, and at many merchant counters, cash remains the default payment method.”

The Governor of the Bank of Ghana noted that “Changing that is now the task of every issuer in this market.”

The Bank of Ghana Governor, Dr. Johnson Asiama, disclosed this at the launch of the digital payment platform Sao Pay at Labadi Beach Hotel.

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.

Role of Mobile Money Transactions

Dr. Johnson Asiama also stated that, even though the mobile money platform has also been encouraging, it can play a huge role in dealing with this challenge.

One year that can play a huge role in dealing with this challenge is mobile money; however, there are still some challenges in this area that we need to address quickly.

This is because “According to our latest economic and financial data, there were about 85.8 million registered mobile money accounts in August 2026, holding nearly GH¢40 billion in customer balances,” the governor added.

But Dr. Asiama noted that despite the significant growth in transactions and balances on float, “But 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.”

On supervision, the governor believes that “weak regulatory compliance has been among the root causes of problems in the digital payments sector, adding that it is an area that always deserves sustained attention.”

He therefore stated that, for a dedicated electronic money issuer like Sao Pay, the three-way reconciliation between the e-money platform, the bank position, and the corresponding customer funds is particularly critical.

“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,” the governor stated.