Ghana’s mobile money ecosystem is experiencing a significant resurgence, marked by a surge in transactional activity following the removal of the controversial Electronic Transaction Levy (E-Levy).
According to the latest summary of economic and financial data published by the Bank of Ghana, the total value of mobile money transactions reached a record GHC 365 billion in April 2025. This unprecedented figure underscores the potential of mobile money to drive financial inclusion and economic growth in Ghana.
The removal of the E-Levy, implemented by President John Mahama’s government, appears to be the primary catalyst for this boom.
The E-Levy, initially intended to generate revenue for infrastructure development, had inadvertently dampened the adoption and usage of mobile money services. Its imposition led to widespread public outcry and a noticeable decrease in mobile money transactions as users sought alternative methods to avoid the tax.
The recent surge suggests that the E-Levy acted as a significant deterrent, hindering the natural growth and expansion of the mobile money sector.
With its removal, Ghanaians are now more comfortable using mobile money platforms for various financial activities, including payments, transfers, and savings. The GHC 365 billion figure represents a considerable leap forward, showcasing the pent-up demand and inherent value proposition of mobile money in the Ghanaian economy.
This resurgence is not just about increased transaction volume; it also signals a potential shift in financial behaviour.
Mobile money offers convenience, security, and accessibility, especially for individuals in rural areas or those excluded from traditional banking services. The removal of the E-Levy has effectively lowered the barrier to entry, encouraging greater participation and further embedding mobile money into the fabric of daily life.
The implications of this growth are far-reaching. For businesses, the increased adoption of mobile money translates into greater efficiency in payment processing, reduced reliance on cash, and expanded market reach. Small and medium-sized enterprises (SMEs) can particularly benefit from this trend, leveraging mobile money platforms to streamline their operations and access a wider customer base.
Furthermore, the resurgence of mobile money can contribute significantly to financial inclusion. By providing access to financial services for the unbanked and underbanked populations, mobile money empowers individuals to participate more fully in the formal economy. This, in turn, can lead to improved livelihoods, increased economic activity, and overall development.
However, it is crucial to acknowledge that the removal of the E-Levy is just one piece of the puzzle. To sustain this growth trajectory, it is imperative that the government and stakeholders continue to foster a supportive ecosystem for mobile money. This includes:
Ensuring regulatory stability: Clear and consistent regulations are essential to build trust and encourage innovation in the mobile money sector.
Promoting financial literacy: Educating the public about the benefits and risks of mobile money is crucial to prevent fraud and encourage responsible usage.
Investing in infrastructure: Reliable network connectivity is vital to ensure seamless mobile money transactions, especially in rural areas.
Encouraging competition: A competitive market environment can drive innovation and lower transaction costs, making mobile money more accessible to all.
In conclusion, the record GHC 365 billion in mobile money transactions in April 2025 is a clear evidence to the potential of mobile money to transform the Ghanaian economy.
The removal of the E-Levy has unlocked this potential, paving the way for greater financial inclusion and economic growth.
However, sustained growth requires a concerted effort from all stakeholders to create a supportive and enabling environment for the mobile money ecosystem to thrive. The future of Ghana’s financial landscape appears increasingly digital, and mobile money is poised to play a pivotal role in shaping that future.
Anthony Obeng Afrane
