News Guide Africa

Tag: Economic and Financial Data

  • Mobile Money transactions surge to GH¢447.4bn as Ghana’s digital economy explodes in 2026

    Mobile Money transactions surge to GH¢447.4bn as Ghana’s digital economy explodes in 2026

    By Adnan Adams Mohammed

    Ghana’s transition toward a “cash-lite” society has hit a massive new milestone, with the total value of mobile money (MoMo) transactions skyrocketing to GH¢447.4 billion by the end of February 2026.

    The latest Summary of Economic and Financial Data from the Bank of Ghana (BoG) reveals an unprecedented appetite for digital payments, as citizens and businesses increasingly abandon physical cash in favor of the speed and security of mobile platforms.

    The GH¢447.4 billion figure represents a significant jump from previous quarters, signaling that the mobile money ecosystem is no longer just for person-to-person transfers. It has evolved into the primary engine for retail payments, utility settlements, and even high-value business transactions.

    Key drivers of the growth:

    ● Merchant Integration: Thousands of small and medium enterprises (SMEs) across the country have integrated MoMo as a standard payment option.

    ● Interoperability Success: The seamless movement of funds between different networks and bank accounts has reduced friction for users.

    ● Government Digitalization: The mandatory use of digital channels for statutory payments—such as taxes, port charges, and passport fees—has forced a rapid adoption curve.

    The “Ghanapay” and fintech factor

    Beyond the traditional telecom providers (MTN, Telecel, and AT), the emergence of Ghanapay the banking industry’s unified mobile money service has added a new layer of competition and liquidity to the market.

    “What we are seeing is the democratization of banking,” said a digital finance analyst in Accra. “With GH¢447.4 billion moving through these pipes in just two months, it’s clear that the mobile phone has become the most important financial tool in the average Ghanaian’s pocket.”

    Implications for monetary policy

    For the Bank of Ghana, this surge provides a double-edged sword. While it enhances financial inclusion, the sheer volume of “digital float” requires sophisticated monitoring to manage liquidity within the broader economy.

    The BoG has noted that the rise in MoMo usage has contributed to the stability of the Cedi by reducing the demand for physical cash and allowing for more transparent tracking of the money supply. However, it also places a premium on cyber.security, as the platform is now a critical piece of national infrastructure.

    The MoMo Momentum (Jan–Feb 2026)

    Metric                                                   Value / Status

    Total Transaction Value               GH¢447.4 Billion

    Active Mobile Money Accounts         ~24.5 Million

    Year-on-Year Growth                                ~32%

    Top Usage Categories              Retail, Utilities,P2P                                                              Transfers

    Challenges: the E-Levy and fraud

    Despite the record-breaking numbers, the sector still faces hurdles. Discussions regarding the E-Levy continue to trend on social media, with some users calling for further rate adjustments to encourage even higher transaction volumes.

    Additionally, the Bank of Ghana and the Ghana Chamber of Telecommunications have intensified their “No PIN Sharing” campaigns as fraudsters attempt to capitalize on the increased flow of digital wealth.

    The road ahead

    As the first quarter of 2026 draws to a close, the GH¢447.4 billion benchmark suggests that Ghana is well on its way to becoming a regional leader in fintech. With the upcoming launch of the Digital Cedi (eCedi) pilot expansion, the lines between traditional banking and mobile money are expected to blur even further, cementing Ghana’s status as a digital-first economy.

     

     

     

     

     

  • Gold surge pushes Ghana’s export earnings to US$31.1 billion

    Gold surge pushes Ghana’s export earnings to US$31.1 billion

    Ghana closed 2025 on a strong external note, recording a US$31.1 billion in export earnings, up sharply from US$19.1 billion in 2024.

    According to the Bank of Ghana’s Summary of Economic and Financial Data released on January 27, 2026, the surge was driven overwhelmingly by gold exports, which emerged as the backbone of Ghana’s external performance. Gold earnings climbed to US$20.0 billion in 2025, nearly doubling the US$10.3 billion recorded a year earlier, and accounting for the bulk of the expansion in merchandise exports.

    Cocoa exports also posted a strong rebound, generating US$3.8 billion in receipts double the US$1.9 billion recorded in 2024. This performance has drawn attention within the industry, especially given the decline in global cocoa prices over the period.

    In contrast, oil export earnings fell to US$2.6 billion in 2025 from US$3.8 billion the previous year, reflecting weaker global crude prices. Other exports contributed a combined US$3.6 billion to total export earnings.

    Import Bill and Trade Balance

    On the import side, Ghana’s total import bill reached US$17.4 billion in 2025. Oil imports increased to US$5.1 billion from US$4.6 billion in 2024, while non-oil imports rose to US$12.3 billion, up from US$10.7 billion.

    The strong export performance, against relatively moderate import growth, translated into a substantial improvement in the trade balance, which recorded a surplus of US$13.6 billion.

    Reserves and External Buffers Strengthen

    Ghana’s improved trade position significantly strengthened its external buffers. Gross international reserves rose to a record US$13.8 billion in 2025, providing enhanced cover against external shocks.

    The current account balance also improved markedly, ending December 2025 at over US$9.0 billion, compared with US$1.5 billion (1.8 percent of GDP) a year earlier.

    The Bank of Ghana attributed the turnaround largely to the trade account surplus of US$13.7 billion, a sharp rise from US$3.8 billion in 2024, underpinned by a 62 percent increase in exports, driven primarily by a 103 percent jump in gold export revenues.

    The data further show that Ghana’s economy, in nominal terms, was valued at approximately US$1.4 trillion, underscoring the scale of the country’s expanding economic footprint.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Ghana’s Reserves: Finance Committee and BoG data conflicting

    Ghana’s Reserves: Finance Committee and BoG data conflicting

    Adnan Adams Mohammed

    In the wake of International Monetary Fund (IMF) engagement, as data credibility is key to ascertain true state of the economy, the Bank of Ghana and the Finance Committee of Parliament have released conflicting data on the country’s international gross reserves.

    The Finance Committee and the Central Bank have released different figures purporting to be the current level the country’s reserves as US$3.0 billion and US$7.6 billion respectively.  

    This is a disturbing development which might affected all data credibility that government will be submitting to the IMF team during the data reconciliation stage of the engagement for a possible ‘balance of payment support’. Aside, data credibility acceptance fear by the IMF, the reserve levels have great influence on the forex exchange rate as a low reserve level promote rush for the US dollar which results in hoarding and black-market control. A report of the Finance Committee on a Loan Facility Agreement between government of Ghana and the AfreximBank for a loan of up to US$750 million released, last week, indicated that, the country would have gone bankrupt without approval of the loan amount.

    “These challenges are further exacerbated by the rapidly dwindling reserves of the Bank of Ghana which has declined from $9 billion to about $3 billion”, the report of revealed. “With a monthly demand of over $600 million, the reserves of the central bank may be exhausted in a few months if urgent steps are not taken to shore up the countries reserves.” 

    Contrary, a Bank of Ghana document as published by Joy Business shows that, Ghana’s reserves has declined from $8.1 billion in May 2022 to $7.6 billion in June 2022, a 3.4 months of import cover.

    This has necessitated the Chairman of Parliament’s Finance Committee, Kweku Kwarteng, expected to make a statement on the floor of parliament about the committee’s report on the AfreximBank Loan Agreement and Ghana’s International Reserves.

    The committee report further revealed that, the Finance Minister, Ken Ofori-Atta, explained to parliamentarians that, the country needed this loan amount to shore up the reserve position of the Central Bank.

    “The Minister further indicated that, there is an urgent need for the government to secure the $750 million facility to help shore up the reserve position of the Bank of Ghana to avoid the country defaulting on its international commitments and also to avoid the country moving into insolvency.”

    The Minister said despite the facility seeming expensive in its face, it’s a reflection of the overall market conditions.

    The report mentions 11 projects the loan amount will be used to finance including the Ofankor – Nsawam road, the Suame Interchange and local road network project as well as the completion of the flower pot interchange.

    Parliament has since approved the loan agreement between the government of Ghana and the African Export-Import Bank (AfreximBank).

    Ghana’s Gross International Reserves dipped to $8.34 billion in April 2022, from $9.70 billion recorded in December 2021, data from the Bank of Ghana has revealed.

    This was equivalent to 3.7 months of import cover.

    In January 2022, the country’s Gross International Reserves stood at $9.76 billion, about 4.4 months of import cover.

    It further dropped to $9.54 billion (4.2 months of import cover) in February 2022 and $8.81 billion (3.9 months of import cover) in March 2022.

    According to the figures on External Sector Developments, the Heritage and Stabilisation Funds in April 2022 stood at $939 million. This is compared with  $971.4 million in December 2021.

    Ghana records $1.33bn trade surplus in April 2022

    Ghana recorded a trade surplus of $1.33 billion in the first four months of 2022, higher than the $1.107 billion recorded in the entire 2021.

    This is approximately 1.9% of Gross Domestic Product (GDP).

    According to the Bank of Ghana Summary of Economic and Financial Data, total exports in the 4-months of 2021 was $6.10 billion. This is against total imports of $4.77 billion.