#CitiBusinessFestival: It may take Ghana 20-yrs to go fully cashless

Chief Technology Officer of IT Consortium, Ebow Anamoah-Mensah, has said, although Ghana is gradually becoming a ‘common place’ for cashless transactions, it requires a few more years for it to be nationally adapted.

In his estimation, it will take Ghana just like any other African country almost two decades to fully operate a cashless economy.

“I am sure in the next 20 years, cash will be scarce in a lot of countries including Ghana, and I think Ghana is moving quite quickly towards that stage”, he said.

Mr. Anamoah-Mensah said this on the second day of the Citi Business Festival on Wednesday, June 2, 2021, on the Citi Breakfast Show.

He was speaking on the topic. ‘Cashless Economy with Opportunities in Business and Commerce‘.

“I believe we [Ghana] are at a stage that we are just taking off. Now that the government has joined the cashless society, there will be a lot more of this and fewer situations that one may need cash”, he indicated.

Industry players have predicted that Ghana could move at a faster rate if it boosts the use of digital payment systems.

The government of Ghana has thus been aggressively promoting a digital and cash-lite economy. Over the years, the adoption and growth of digital technologies, especially digital payment solutions, have created opportunities for businesses and individuals alike.

But the IT consultant is disturbed that Ghana and other African countries “tend to leapfrog on technological advancement and not going through the same pathway that other advanced countries use.”

“We see this cashless society in its infancy in developing countries, and we are most likely to copy that. So in dealing with the advanced countries, we need to adapt what they are using”, he urged.

The first week of the 2021 Citi Business Festival, is focusing on the digital economy – Building a cashless society and the opportunities for business and job creation.

There will also be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm. The radio on-air series is themed to correspond with the various virtual forums at 9:20 am every weekday.

The Citi Business Festival is sponsored by Absa Bank with support from IT Consortium.

It is also powered by Citi FMCiti TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.

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