Ghana has been tipped to be the fastest growing mobile money market in Africa.
This is according a World Bank report released, dubbed: “4th Ghana Economic Update”.
The 45-page report focuses on Financial Sector Development and Financial Inclusion.
The report said the mobile phone penetration created opportunities for expansion of financial services and increased the role of non-financial institutions as much as e-money issuers.
Country Director for the World Bank, Dr Henry, commended the turnaround in Ghana’s economy over the last 24 months.
According to him, it would be important to leverage the momentum that the fiscal responsibility law created and ensure that fiscal sustainability could be maintained across economic and political circles.
He added that more domestic resource mobilisation would be key to ensure the country’s fiscal sustainability.
He further congratulated the Government and the Bank of Ghana for taking courageous steps to address the various challenges faced by the financial sector.
The World Bank report said Ghana’s annual economic growth continued on a strong path at 6.3% in 2018.
The report, however, pointed out that the country’s annual growth was at a slower pace than the 8.1% recorded in 2017.
Ghana’s economic growth is expected to increase to 7.6% in 2019, driven by both the oil and non-oil sectors, the report projected.
Meanwhile, the report also highlighted that rural access to formal financial accounts was still low in some regions of Ghana.
Also, the majority of Ghanaian women were less financially included than men, the report added.
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