A new nationwide study from the Ghana Statistical Service and the ReFinD initiative highlights both the promise and the challenges of digital finance adoption among Ghanaian businesses.
Despite nearly 95% of individuals having used digital payments, only 37% of businesses currently accept them—most relying on personal mobile money accounts rather than business-optimized platforms. Adoption is particularly low outside of urban centres and in sectors like agriculture.
Key insights from the 2024 IBES report:
Digital uptake remains concentrated in Greater Accra and a few major cities.
Tax concerns, security fears, and limited awareness are major barriers—especially for SMEs.
Female-led businesses show strong performance in adopting merchant accounts, yet still face capital constraints.
Larger firms tend to make better use of digital tools, unlocking productivity and revenue growth.
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Experts like Prof. Peter Quartey (ISSER) and Dr. Francis Annan (UC Berkeley) emphasized the urgency of addressing these gaps. As Annan noted, “When firms grow, they hire more, produce more—and the entire economy benefits.”
What’s needed? The report calls for a coordinated, multi-stakeholder approach:
Improved digital & financial literacy
Stronger cybersecurity measures
Targeted support for women entrepreneurs
Expansion of digital infrastructure beyond regional capitals
Inclusive policy and fintech collaboration
As Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications, put it: “We have the data. Now it’s time to act—community by community, business by business.”
Let’s unlock the full potential of digital payments in Ghana’s business ecosystem.
