Ghana’s mobile money sector experienced a significant decline in both transaction volume and value in June 2024. Data from the Bank of Ghana reveals a drop of 24 million transactions, with the total transaction value decreasing by GH¢10 billion.
The number of transactions fell to 644 million from 668 million in May 2024, leading to concerns among stakeholders about the underlying factors affecting the economy.
The total value of mobile money transactions decreased from GH¢234.3 billion to GH¢224 billion. Despite the decline in usage, the balance of float saw a slight increase from GH¢21.1 billion to GH¢22.2 billion. The downturn is attributed to economic and regulatory factors, including calls for the reduction or elimination of the E-levy rate.
In terms of mobile money interoperability, the transaction value dropped from GH¢2.8 billion to GH¢2.7 billion, with the number of transactions decreasing from 17.7 million to 16.9 million. Although registered and active mobile money accounts increased, the number of active agents decreased by 16,000. The mobile money sector’s downturn could hinder the growth of various sectors, including e-commerce and utility payments, slowing the overall digital transformation of the economy.