The Vice-President, Dr Mahamudu Bawumia, has said the government will soon stop accepting cash payments and instead encourage people to make electronic payments.
“Once the infrastructure has been put in place, the government has to take full advantage of it and be able to receive payments from all sources of services electronically,” he said.
The Vice-President was speaking at the launch of Ghana’s first and only private third-party processing electronic payment company, PaySwitch Company Limited, in Accra on Wednesday.
The launch was to officially introduce the company’s brand and services to financial, insurance and e-commerce companies.
Extolling the virtues of electronic payments, Dr Bawumia said electronic payments and transactions would also allow the government and financial institutions to track and collect all payments of money, making it more difficult for “people to steal the money”.
“If we are able to integrate our electronic payment system, which will not be too long in coming once we are assured of the stability of the system, we can use technology as one of the biggest enemies of corruption,” he stated.
“A properly harnessed effort in this area has the capacity to transform society significantly towards the achievement of a cashless economy and the role of electronic payment is essential for propelling our economic fortunes,” he added.
Dr Bawumia said a 2016 Bank of Ghana Report revealed that the use of physical cash as the medium of exchange was on a continuous decline due to the increase in the use of other sources of payment, including cards, mobile money and the Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay.
“In fact, with the development that we are seeing in mobile money and electronic payment in Ghana and the infrastructure that has now been put in place, anybody with a mobile phone essentially has a bank account and can do mobile payment to a bank and pay taxes and import duties,” he said.
He gave an assurance that the government was determined to drive down the information technology highway, leveraging the opportunities it offered to improve the way Ghanaians worked in the offices and factories, lived their lives daily and taught their children to be citizens of the future.