Home / BUSINESS / MOBILE MONEY TRANSACTIONS INCREASED BY MORE THAN 150 PERCENT/ BUSINESS NEWS | GHANA AND BEYOND

MOBILE MONEY TRANSACTIONS INCREASED BY MORE THAN 150 PERCENT/ BUSINESS NEWS | GHANA AND BEYOND

🚩The total value of mobile money transactions in Ghana increased by more than 150percent between April 2020 and April 2021, according to the Bank of Ghana ’s May 2021 Summary of Economic and Financial data. Figures showed a consistent surge in transactions which jumped from GH¢32.8 billion in April 2020 to GH¢83.8 billion in April 2021. Despite this, the value of transactions from March to April 2021 only witnessed a minimal increase of about two percent with also a few periods of reduction over the past 12 months. In April 2020, the total number of mobile money transactions increased by 77 percent from 182 million in April last year to 323 million in the same period for 2021.

🚩Surface Rental payments to the government by companies in the petroleum sector in 2020 remain in arrears to the tune of US$2.1 million, the Public Interest areportountability Committee (PIAC) 2020 Annual Report, has said. The PIAC Report said the 2020 arrears represent a 34.71 percent increase over the 2019 arrears of US$1.57 million. The report indicated that the non-payment of the surface rentals denied the Petroleum Holding Fund of the needed revenues for development projects.

🚩The Ministry of Finance (MoF) reported that it utilized an amount of GH¢827.60 million of the unspent Annual Budget Funding Amount (ABFA) to partially meet the shortfall in ABFA receipts caused by the impact of the COVID-19 pandemic and its associated effects on crude oil prices globally, the 2020 annual report issued by the Public Interest and Accountability Committee (PIAC) has announced. This is at variance with the provisions of the Act which established the Ghana Stabilization Fund to cushion the impact on or sustain public expenditure capacity during periods of unanticipated petroleum revenue shortfalls, the report added.

🚩The Institute for Economic Affairs (IEA) has held a roundtable discussion to solicit views from divergent sources on the ills plaguing the youth of the country and to seek suggestions on the best policy pathways required to address these. The session, which had as its theme ‘Harnessing the potential of Ghanaian Youth’, brought together participants from industry, development agencies, academia, civil society and various youth groups to discuss on the subjects of unemployment; illegal small-scale mining, otherwise called ‘galamsey’; corruption and political violence, particularly as they related to the nation’s youth.

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Compiled By:
Prince Henry Danquah

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