Ghana’s mobile money sector recorded an unprecedented transaction value of GH¢3.0192 trillion in 2024, reflecting a significant 57.9% year-on-year growth, according to data from the Bank of Ghana.
Despite this surge in digital payments, concerns persist over the country’s inability to generate substantial revenue from the Electronic Transaction Levy (E-Levy), which was introduced to tax mobile money transactions.
Steady Growth in Transactions
The data highlights a consistent rise in mobile money transactions throughout the year. In the first eight months of 2024 alone, total transactions reached GH¢1.775 trillion.
By October, the figure had risen to GH¢2.368 trillion, before peaking at GH¢3.0192 trillion by the end of December.
Monthly breakdowns show that transactions fluctuated slightly in the early months but gained momentum from mid-year.
Read Also: 258 Ghanaians deported from the U.S. between 2021 and 2024
January 2024 recorded GH¢198.4 billion in transactions, dropping to GH¢195.8 billion in February and GH¢181.9 billion in March.
However, transactions rebounded to GH¢203.0 billion in April and continued to climb, reaching GH¢334.8 billion in December.
Comparison with 2023
In contrast, total mobile money transactions in 2023 stood at GH¢1.912 trillion, with December 2023 recording GH¢199.3 billion—significantly lower than the GH¢334.8 billion recorded in December 2024.
E-Levy Concerns
Despite the impressive transaction volumes, revenue generated from the E-Levy remains underwhelming.
The government has struggled to fully capitalize on the exponential growth in digital payments, raising questions about compliance, enforcement, and the effectiveness of the levy.
With mobile money becoming an essential part of Ghana’s financial ecosystem, analysts suggest that authorities may need to reassess tax policies to better leverage the sector’s growth without discouraging adoption.
