The 2024 Financial Stability Review has revealed a sharp rise in Ghana’s digital and banking transactions, with internet banking alone recording a 114.9% jump in value to GH¢212.44 billion, up from GH¢98.87 billion in 2023.

The value of cheques cleared also grew by 30.97% to GH¢384.96 billion in 2024, compared to GH¢293.93 billion the previous year. However, the volume of cheque transactions dipped slightly by 0.15% under the Cheque Codeline Clearing (CCC) system, suggesting fewer cheques were written but for larger amounts.

According to the Bank of Ghana, the surge in payment activity reflects a decade of steady expansion in the country’s payments ecosystem. This growth has been driven by the rapid adoption of mobile money services, strong government support, improved regulations, greater access to mobile phones, technological innovations, and wider financial inclusion initiatives.

The Ghana Interbank Settlement System (GIS) also saw significant gains, with transaction values soaring 78.12% to GH¢6.13 trillion in 2024, up from GH¢3.44 trillion in 2023, despite a 6.07% drop in transaction volumes.

The Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay (GIP) service — a real-time, interoperable account-to-account transfer platform — recorded strong performance. Transaction volumes rose to 161.16 million in 2024, valued at GH¢355.07 billion, compared to 115.37 million transactions worth GH¢120.10 billion in 2023.

The report notes that these developments underscore Ghana’s accelerating shift toward digital financial services and the growing preference for faster, more efficient payment channels.