Ghana’s journey toward a cash-light economy is progressing, though digital payment adoption among businesses remains uneven. A new report by the Ghana Statistical Service (GSS) and the ReFinD initiative reveals that 37% of firms nationwide use digital platforms, with usage highest in Greater Accra and other regional capitals.
While agriculture lags in adoption, the study—part of the 2024 Integrated Business Establishment Survey (IBES)—points to significant growth opportunities. Barriers such as limited digital literacy, security concerns, and taxation challenges like the e-levy are slowing uptake, especially among small enterprises.
Despite these hurdles, businesses using merchant accounts report better efficiency and revenue growth. Notably, female managers are associated with improved firm performance, though many women-led businesses still face capital constraints.
“This large gap between individual and business use tells us there’s strong potential if we address the barriers,” said Francis Annan, ReFinD co-lead. Professor Peter Quartey of ISSER echoed this, noting recent strides and the need to tackle existing constraints.
The report calls for expanded digital infrastructure, cybersecurity improvements, targeted incentives for female-led businesses, and stronger public-private collaboration. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications, stressed the need for inclusive financial products and deeper community engagement.
With smartphone penetration already high in areas like Wa, the path forward lies in boosting education, outreach, and tailored solutions—paving the way for a more digitally inclusive business environment in Ghana.
Source: B&FT
