• It might take close to two decades for Ghana and other African countries to fully reach the feat of a cashless economy

•Ghana has however made efforts towards digitizing some sectors of the economy

• But more investments are required to enhance the use of digital payment systems

An Information Technology expert has estimated Ghana along with many African countries may require a long period to fully adapt to a cashless transaction regime.

Ebow Anamoah-Mensah who is also Chief Technology Officer of IT Consortium, said though Ghana has made efforts towards digitizing some sectors of the economy, it might take close to two decades to fully reach the feat of a cashless economy.

Making his submission at the Citi Business Festival on June 2 monitored by GhanaWeb, Anamoah-Mensah explained “I believe we in [Ghana] are at a stage that we are just taking off. Now that the government has joined the cashless society, there will be a lot more of this and fewer situations that one may need cash”

“I am sure in the next 20 years, cash will be scarce in a lot of countries including Ghana, and I think Ghana is moving quite quickly towards that stage”

Meanwhile, some key players in the digital space have projected Ghana could move its digitization agenda at a much faster pace owing to investments made to enhance the use of digital payment systems.