The September 2023 Summary of Economic and Financial Data released by the Bank of Ghana (BoG) reveals that the total value of Mobile Money transactions in the first eight months of the year reached an unprecedented GH¢1.190 trillion.

This figure marks a significant increase from the GH¢655.97 billion recorded during the same period in 2022.

The data from the Central Bank also revealed that the highest mobile money transaction for the year was recorded in July 2023, amounting to GH¢169.6 billion. Month-on-month, mobile money transactions consistently exceeded ¢130 billion.

These figures suggest that the government may be on track to meet its Electronic Transfer Levy (E-Levy) target for 2023. In January 2023, mobile money transactions amounted to GH¢130.1 billion, compared to GH¢76.2 billion in January 2022. The trend continued with GH¢134.0 billion in February 2023 (compared to GH¢76.5 billion in February 2022) and GH¢147.5 billion in March 2023 (compared to GH¢90.5 billion in March 2022).

Although there was a slight dip to GH¢138.8 billion in April 2023 (compared to GH¢87.7 billion in April 2022), mobile money transactions surged to GH¢159.7 billion in May 2023 (compared to GH¢71.4 billion in May 2022) before leveling off at GH¢149.4 billion in June 2023 (compared to GH¢77.1 billion in June 2022).

The peak was reached with a record transaction of GH¢169.6 billion in July 2023, followed by a decrease to GH¢161.8 billion in August 2023.

On January 11, 2023, the government reduced the tax rate on electronic transactions from 1.5% to 1.0%. Despite the substantial growth in mobile money transactions, revenue generated from this sector has fallen below the government's expectations.

Additionally, the total value of Mobile Money Interoperability for the first six months was estimated at GH¢22.795 billion, with the largest single transaction of GH¢3.158 billion occurring in April 2023.