5 days ago Tech Nova Ghana Commercial Bank
5 days ago Tech Nova Ghana Commercial Bank

The decision by Ghana to introduce a formal use of electronic cash will boost the country’s digital economy a finance expert told Xinhua here on Friday.

Collins Appiah, a financial analyst, and an investment expert said the introduction of electronic cash, by the largest commercial bank GCB Bank, would boost trade and make the system efficient.

“One advantage of operating a cashless system is that it makes the system very efficient. You do not necessarily need to go and print money from outside for people to do trade,” Appiah said.

The analyst said a digitized payment system would promote efficient trade as money circulates through the digitized system around the economy.

Ghana has been taking steps to operate a cashless system through the introduction of bank cards and mobile money operated by telecom companies, with electronic payment companies.

“It is efficient and even helps the country to lower its cost of printing. Anytime you want to go and print currency the central bank will tell you the cost of printing,” he said.

The governor of the Bank of Ghana Ernest Addison told the media here on Monday that the central bank had issued a license to GCB Bank, the largest indigenous commercial bank, to start operating electronic cash in the form around the country. Enditem

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