The Bank of Ghana has set 2024 to reach a cash-lite economy, which will see a reduction in the amount of cash used in business transactions.
According to the Bank of Ghana, the cash-lite agenda is part of efforts to reduce the cost of doing business and improved upon revenue collection.
Government of Ghana is also planning to start accepting electronic payment for its services this year. As compared to the Western world, most African countries mainly deal in cash-based transactions which greatly affects the cost of doing business and revenue generation for the various countries.
Ghana as part of ways to improve revenue collection for the country introduced the single window and paperless port system. But stakeholders are still complaining about how the new system is increasing the cost of doing business and the continues fraudulent activities at the port.
Read also: Bank of Ghana drops policy rate to 16%
Director of payment service of Bank of Ghana, Seto Amediku said: “on at the stage of finalising, the strategy is aimed at ensuring that we digitised the economy and when completed will be launched and we have various deliverables that have to achieve under the strategy. A lot of our people who are currently going to China, some people carry dollars, go and transact business.
“If you are able to ensure that we provide digitised means for them to go and spend so it means all these people will not go to the forex bureau searching for dollars, so the overall agenda is to try and support the economy,” he added.