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.
A team from Deloitte has congratulated the Minister for Communication, Digital Technology, and Innovations on his appointment.
The meeting, led by Kofi Awuah, partner, Risk Advisory, discussed matters of mutual interest and explored potential collaborations.
The Hon. Minister for Communication, Digital Technology, and Innovations, Hon. Samuel Nartey George (MP), shared his vision for Ghana’s digital transformation. With a threefold mandate, the ministry is focused on communication, digital technology, and inclusivity.
He emphasized the importance of creating a digitally inclusive, data-driven ecosystem, leveraging technology to drive economic growth, improve governance, and enhance citizen experiences.
On their part, the Deloitte team shared their own experiences working with the ministry. They highlighted their contributions to NITA’s Integrated ICU Certification, digital assets projects, and cyber security initiatives. The team expressed their enthusiasm for continuing to support the ministry’s agenda, particularly in areas like regulatory frameworks, digital transformation, and innovation.
The minister expressed appreciation for Deloitte’s support and shared his plans for the $50 million fintech fund, which would be used to provide business advisory support to startups.
This fund would be a revolving fund, allowing the government to invest in startups, provide guidance, and then exit as the startups grow, reinvesting the returns into new initiatives.
A key aspect of the minister’s plan, he indicated, is the creation of a data repository, which would integrate data assets from various government agencies. This would provide a single, unified view of the country’s data, enabling informed decision-making.
To achieve this, the minister is working to revise outdated legislation, creating a legal framework that supports data exchange and mandates agencies to submit data to the data repository.
Present at the meeting were Abena Biney, Partner, Audit and Chief Sustainability Officer, Deloitte West Africa; Edward Aikins, Senior Manager, Consulting; Nina Korley, Senior Manager, Risk Advisory; and Charles Nixon Yeboah, Head of Growth Office.
The Chief Executive Officer of the EMIs Chamber of Ghana, Ing. Dr. Kenneth Ashigbey has charged stakeholders within the global digital financial ecosystem to prioritize effective collaboration to reduce the incidence of fraud.
According to him the rising levels of fraud and their complicated nature, undermines trust, stifles innovation, and erodes financial inclusion gains made in Ghana and across the world.
He made the remarks as a special guest speaker at the recently held 18th Edition Connected Banking Summit – Innovation & Excellence Awards – West Africa 2025, in Accra, Ghana.
Speaking on the topic “Collaborative Approaches to Fraud Mitigation: Building a Trustworthy Digital Finance Landscape,” Dr. Ashigbey highlighted the increasing sophistication of fraudsters and the urgent need for stakeholders across the digital finance ecosystem to work together.
“The collaborative roles required to mitigate fraud within our ecosystem cannot be understated. No one institution can do it alone as fraud is a complex problem which demands a unified stakeholder approach,” Dr. Ashigbey stated.
The Role of Stakeholders in Fighting Fraud
Dr. Ashigbey outlined the critical roles different stakeholders must play in fraud prevention and mitigation, including:
Regulators and Policymakers – Enforcing stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, promoting cross-border collaboration, and establishing regulatory sandboxes for testing innovative fraud mitigation solutions.
Telecom Companies (Telcos) – Securing SIM registration processes, partnering with banks and fintechs to detect and block fraudulent transactions, and leveraging data analytics for fraud detection.
Banks and Fintechs – Implementing AI-driven fraud detection systems, educating customers on digital security, and sharing fraud intelligence to create a unified defense.
Consumers – Being vigilant about sharing personal information, using strong passwords, and reporting suspicious activities promptly.
Academia – Conducting research on emerging fraud trends and working with stakeholders to develop innovative solutions.
Security Agencies – Upgrading skills to stay ahead of cybercriminals, conducting regular security audits, and integrating cybercrime policing at all levels.
The Judiciary – Strengthening legal frameworks, speeding up fraud-related cases, and enhancing sentencing to deter cybercriminals.
Leveraging Digital Public Infrastructure for Fraud Prevention
Dr. Ashigbey also underscored the importance of a robust National Identification system in fraud prevention. He emphasized that affordable, secure, and interoperable digital identity solutions are essential for reducing identity theft and ensuring a more trustworthy financial ecosystem.
Additionally, he highlighted other key digital public infrastructures such as Unified Payment Interfaces (UPIs), credit bureaus, blockchain technology, and digital land registries—all of which play a role in fraud prevention.
Ghana’s Leadership in Digital Finance
Drawing insights from Ghana’s success in mobile money interoperability, regulatory sandboxes, and public-private partnerships, Dr. Ashigbey urged deeper collaboration between the government, telecoms, fintechs, and academia.
“We must move beyond Public-Private Partnerships (PPP) to Public-Private-Academia Partnerships (PPAP), leveraging research and innovation to combat digital fraud effectively,” he noted.
A Call to Action: Collaboration is Key
As cybercriminals become more sophisticated, Dr. Ashigbey called for a united front in tackling fraud, emphasizing that working in silos is no longer an option.
“As Nelson Mandela said, ‘It always seems impossible until it is done.’ The only way we can outsmart fraudsters is through deep collaboration, leveraging AI and digital innovations to secure our financial future,” he concluded.
The event brought together key industry players, policymakers, and security experts to discuss the future of secure digital banking.
