The first two months of 2024 saw a ground-breaking surge in mobile money transactions in Ghana, reaching an unprecedented total value of GH¢394.2 billion.

This marked a substantial increase from the GH¢264.1 billion recorded during the same period in 2023, as reported by the Bank of Ghana's March 2024 Summary of Economic and Financial Data.

In January 2024 alone, the value of mobile money transactions soared to GH¢198.4 billion, followed closely by GH¢195.8 billion in February 2024.

These figures were achieved despite the imposition of the Electronic Transaction Levy (E-Levy).

The sheer volume of transactions was equally striking, with January 2024 boasting 618 million transactions and February 2024 recording 609 million transactions.

The number of active mobile money accounts also grew substantially, reaching an estimated 22.9 million in January 2024 and maintaining similar levels in February.

In 2023, the total value of mobile money transactions in Ghana reached a record level, soaring to GH¢1.912 trillion, as revealed in the January 2024 Summary of Economic and Financial Data by the Bank of Ghana. 

This marked a substantial increase from GH¢1.07 trillion in 2022.

The data disclosed that by the end of the first 10 months of 2023, total Mobile Money transactions had already reached GH¢1.527 trillion. 

December 2023 recorded the highest monthly transaction value, reaching GH¢199.3 billion.

Mobile money transactions consistently surged throughout the year, with all 12 months surpassing GH¢100 billion each.

In January 2023, the value stood at GH¢130.1 billion, compared to GH¢76.2 billion in the same period in 2022. 

October 2023 set a record with transactions hitting GH¢179.2 billion.

Despite this performance, it remains unclear whether the government is meeting the Electronic Transfer Levy (E-Levy) target for 2023, given the current E-Levy rate of 1.0%.