Ghana Records GHS 3 Trillion FinTech Transaction Value in 2024, Underscoring Sector Growth – Report
Ghana’s fintech sector recorded total transaction values of some GHS 3 trillion (approximately $264 billion) in 2024, representing more than three times the country’s nominal GDP for the year, according to a joint report by Tech in Ghana (TIG) and the GSMA.
The report highlights Ghana’s emergence as a regional fintech leader, with over 81% of adults now owning a financial services account, significantly above the Sub-Saharan African average of less than 60%.
Despite this progress, the report notes that Ghana continues to lag some regional peers in key digital inclusion metrics, pointing to substantial growth potential within the ecosystem.
A key concern identified is the mobile internet usage gap, defined as individuals living within mobile broadband coverage areas but not actively using mobile internet services. In Ghana, this gap stands at 44% of the adult population, slightly above the regional average of 42%.
According to the report, the primary barriers to mobile internet adoption include the high cost of smartphones and limited digital literacy, factors which continue to constrain broader participation in the digital economy.
The report stresses that addressing these constraints will be critical to unlocking Ghana’s digital potential and expanding the reach of fintech and other digital solutions across sectors.
It further notes that increasing digitalisation has enabled Ghanaian start-ups to scale beyond domestic markets, leveraging online platforms to connect with customers globally and expand operations internationally.
The Tech in Ghana and GSMA report series examines both opportunities and constraints within the country’s innovation ecosystem, highlighting four start-ups driving impact across agriculture, education, healthcare, and transportation.
While acknowledging the strong growth trajectory, the report cautions that start-ups continue to face structural challenges, including high fiscal burdens, policy inconsistencies, skills shortages, and limited market opportunities in areas with low mobile internet penetration.
It adds that targeted policy interventions and ecosystem support will be essential to addressing these bottlenecks and maximising the benefits of digitalisation for economic growth and job creation.
