Kofi Ahovi

 Rising savings, increasing cross-border payment activity and growing participation in formal financial systems are emerging as some of the clearest indicators yet of substantial pent-up demand for economic activity across the continent. The latest numbers from Standard Bank, the parent company of Stanbic Bank Ghana, show a buildup of deposits by 12% to R2.5 trillion, while the value of domestic electronic payments grew by 11% and cross-border payment values increased by 7%. Serving 19.5 million active clients across 21 African countries, the bank says these trends point to a continent where households are saving more, businesses are transacting more and trade corridors are becoming increasingly active. As the African Continental Free Trade Area (AfCFTA) gathers momentum and digital connectivity continues to expand, payment flows and savings behaviour are increasingly reflecting the emergence of deeper and more integrated African economies. Lungisa Fuzile, Standard Bank Chief Execu...

 We are living through a fascinating financial era shaped by inflation, volatile markets, and rapid technological change. But beneath these macro shifts lies something more personal: a quiet revolution driven by young Ghanaians reshaping what it means to earn, save, and build wealth. For many of us, financial freedom is no longer about climbing a corporate ladder for decades. It’s about flexibility. Multiple income streams, smart investing now, and crafting lifestyles that balance comfort, convenience, and independence. Melissa and her money habits Picture Melissa, 24, working in Accra. She has a regular job, but she doesn’t rely on that alone. She runs a weekend meal-prep side hustle that takes mobile money payments. She keeps an emergency buffer. Each month, she allocates part of her income into a local Money Market Fund and part into a Fixed Income Fund. When she receives bonuses or gifts, she splits them, some into business reinvestment, some into long-term savings, and some in...

  Ghanaians are increasingly treating their mobile money (MoMo) wallets as savings accounts, with balances hitting a record GH¢40 billion in June 2026, signalling a major shift in how individuals and businesses manage their money. Latest payment systems data from the Bank of Ghana shows that mobile money wallet balances—commonly referred to as mobile money float—rose from GH¢28.9 billion in June 2025 to GH¢40 billion in June 2026, representing a year-on-year increase of more than 38 percent. The surge suggests that mobile wallets are no longer being used solely for payments and money transfers. Instead, an increasing number of Ghanaians are keeping funds in their wallets for daily expenses, business transactions and emergency needs, reflecting growing confidence in digital financial services. The trend also highlights changing consumer behaviour, with many users opting to retain money electronically rather than depositing it in traditional bank savings accounts or withdrawing cash ...

  The government is targeting an external debt relief of $10.5 billion between this year and 2026 as it engages its external creditors for debt restructuring, the International Monetary Fund (IMF) has reported. The external creditors include bilateral and commercial creditors. The government announced a suspension of debt service on external commercial obligations on December 19, last year and has since been engaging with them on a debt restructuring. The government is seeking to restructure external commercial debts of $14 billion, out of which $13 billion are in bonds.  Following the formation of the Creditor Committee of the Paris Club backed by China, the government is also expected to begin debt restructuring negotiations with its bilateral creditors in the coming days in a bid to restructure debts of about $5.4 billion. At a press conference yesterday by the IMF in the United States capital, Washington DC, the Minister of Finance, Ken Ofori-Atta, said the government...

  A common electronic wallet platform for banks, savings and loans companies and rural and community banks have been launched by the Ghana Interbank Payment and Settlement System (GhIPSS). The new innovation by GhIPSS is aimed at integrating mobile money and banking services. The introduction of GhanaPay complements measures to accelerate Ghana’s migration to electronic payments and encourage the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem. GhanaPay will allow consumers to have both mobile money and banking services on their mobile phone at no extra cost except the payment of Electronic Transaction Levy (e-levy) whenever a transaction is done. Speaking at the launch, Governor of the Bank of Ghana, Dr. Ernest Addison, described the entry of Ghana Pay as a helpful tool to support the financial payment ecosystem. With the introduction of GhanaPay, the banking sector can address this market gap throu...