This Diagnostic Report demonstrates that Ghana has already started its journey towards cash-lite. Certain critical elements for a shift to digital payments are already in place, including good connectivity, growing financial infrastructure, an enabling regulatory environment, and strong government buy-in.
There are, however, certain challenges on this journey, including lack of interoperability of key payment instruments, strong consumer preference for cash, and business preferences for cheques, among others.
To support further progress towards cash-lite, this report recommends incentivizing digital merchant payments, digitizing government procurement, leveraging electronic fund transfer infrastructure, rolling out a biometric national ID, and implementing payment interoperability. Realisation of these measures may well bring Ghana to the tipping point on its journey to digital payments.