This document provides an update to the original Ghana country diagnostic that was produced in 2020.
Ghana has experienced major economic instability over the last year that has had a major impact on the country in terms of hyperinflation and currency devaluation. The situation has since stabilised but increased costs in the Ghana economy have affected both RSPs and remittance beneficiaries negatively. Despite this, the financial environment continues to have a well-developed payment system, leveraging full interoperability between bank accounts and mobile money so that Ghana has one of the highest financial inclusion rates in Africa (note that different measurement approaches between methodologies mean an empirical measure is not possible driven by the large uptake of mobile wallet based accounts. The launch of an e-levy on electronic transfers threatened to erode the penetration of mobile money. The government responded with a reduction in the e-levy rate.
There have been some regulatory changes in Ghana to advance the market. The Guidelines for Inward Remittance by Payment Service Providers were introduced to provide clarity to RSPs licensed and partnering with MTOs to terminate remittances under the Payment Systems and Services Act 2019.