Professor Godfred Bokpin of the University of Ghana Business School has cautioned the government against viewing Ghana's digital finance sector primarily as a taxation tool. He states that digital payments and mobile money services should first focus on creating an inclusive and productive economy. Prioritizing taxes over the broader benefits of digitisation risks negative reactions from consumers and businesses.
Professor Bokpin argues that an early focus on taxation could hinder the growth of the digital economy. The market will react negatively if tax collection becomes the main goal for digital finance. He made these remarks in a documentary, "The Trust Crisis," which precedes the Digital Economy Forum on July 22, 2026. This forum will discuss whether Ghana's regulatory system is keeping pace with digital finance growth.
Digital finance is crucial for Ghana due to its large informal sector and significant unbanked population. These platforms allow people without traditional bank accounts to conduct transactions. Many informal workers cannot meet the strict documentation requirements of conventional banks. Digital apps and fintech services open up financial access for these individuals, increasing financial inclusion.
“We should not only look at it from the perspective of taxation. We should look at it in terms of the broader economic benefit. If you always put tax ahead of digitisation, the market will react differently,” Professor Bokpin stated. He added that the true value of digitisation lies in improving financial inclusion and increasing transaction flows. This builds a stronger foundation for overall economic activity.
The government's goal should be to grow the economy, not just to tax digital users. A stronger, more formal economy will naturally generate more tax revenue later. This approach ensures sustainable tax collection. Decision-makers must focus on building trust and expanding economic activity through digital channels.
Ghana's digital payment ecosystem experienced rapid growth in 2024. The Bank of Ghana's 2024 Payment Systems Oversight Report shows service providers processed 8.1 billion transactions. These transactions were valued at approximately GHS 3 trillion. This growth reflects increased adoption and improved oversight.
However, this expansion has also brought new risks. The Bank of Ghana’s 2024 fraud report documented 16,733 fraud cases in 2024. This is an increase from 15,865 cases in 2023. Payment service providers alone recorded 15,673 fraud cases, a seven per cent increase. The value at risk for these cases rose by 18 per cent to about GHS 19 million.
Professor Bokpin warned that fraud and a lack of trust could reduce public participation in digital finance. Some traders already refuse mobile money payments due to fraud concerns. When people lose confidence in digital channels, they revert to cash transactions. This undermines the broader benefits of digitisation and financial inclusion initiatives.
Government policy must prioritize trust to ensure the success of digital finance. Digital finance should reduce transaction costs and formalise the informal sector. It should also expand financial inclusion and support overall economic growth. Once this broader economic base is established, the government will be better positioned to collect tax revenue sustainably.