Ghana heads towards cashless economy
Ghana has committed to a United Nations initiative that supports countries' transitions to electronic payments.Under the Better Than Cash Alliance - hosted by the UN Capital Development Fund (UNCDF) -
the country will focus on transitioning forms of government payments to electronic ones, starting with the digitisation of government workers' salaries.
It will then expand the use of electronic payments to the Livelihood Empowerment against Poverty (LEAP) social welfare programme, targeting 71,000 Ghanaian households.
"Ghana's digital innovation is renowned and is reflected in this commitment to transition away from cash in all government payments. Evidence and the experience of our members show that electronic payments has great potential to increase people's access to financial services when designed appropriately and we look forward to seeing greater inclusion in Ghana," Dr. Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance, said in a press release.
The Better Than Cash Alliance was launched in September 2012 in response to public and private sector demand for more strategic advocacy, research and guidance on digitising cash payments.
It is an alliance of governments, private sector and development organisations committed to help people who lack access to formal financial services such as bank accounts, and who often subsist almost entirely in an informal, cash-only economy.