Ghana Digital Economy Diagnostic

Ghana Digital Economy Diagnostic

Universal adoption and effective application of digital technologies are expected to characterize economies of the future, shaping their ability to succeed in the global marketplace and offer a better quality of life for their citizens. Disruptive...

Full description

Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
Published: World Bank, Washington, DC 2020
Subjects:
DIGITAL ECONOMY
DIGITAL INFRASTRUCTURE
SMALL AND MEDIUM-SIZED ENTERPRISES
DIGITAL PLATFORM
DIGITAL FINANCIAL SERVICES
ENTREPRENEURSHIP
Online Access:http://documents.worldbank.org/curated/en/523231597379719030/Ghana-Digital-Economy-Diagnostic-Stock-Taking-Report
http://hdl.handle.net/10986/34366
id okr-10986-34366
recordtype oai_dc
spelling okr-10986-343662021-05-25T09:53:51Z Ghana Digital Economy Diagnostic World Bank Group DIGITAL ECONOMY DIGITAL INFRASTRUCTURE SMALL AND MEDIUM-SIZED ENTERPRISES DIGITAL PLATFORM DIGITAL FINANCIAL SERVICES ENTREPRENEURSHIP Universal adoption and effective application of digital technologies are expected to characterize economies of the future, shaping their ability to succeed in the global marketplace and offer a better quality of life for their citizens. Disruptive technologies are already altering traditional business models and pathways to development, yielding significant gains, increased convenience, as well as supporting better access to services for consumers. In 2016, the digital economy was worth an estimated 11.5 trillion dollars worldwide, equivalent to 15.5 percent of global GDP. It is forecast to reach 25 percent in less than a decade, far outpacing the growth of the ‘traditional’ economy (Huawei and Oxford Economics 2016). Mobile money is driving financial inclusion, particularly in Sub-Saharan Africa, with the number of accounts doubling to 21 percent between 2014-17. African e-commerce is also rapidly growing, at an estimated annual rate of 40 percent. Over the past five years, there has been a tenfold increase across the region in the supply of new intermediaries such as incubators, accelerators, and technology hubs, amongst others, numbering more than 400 across Africa today. The digital economy in Africa is expected to grow to over 300 billion dollars by 2025 (McKinsey 2013). Ghana has made substantial progress on financial inclusion, due in large part to growth in DFS. According to the World Bank’s Global Findex, the share of Ghanaian adults (over 15 years of age) with a formal financial account increased by 42 percent between 2014 and 2015. As a result, nearly 6 in 10 adults had formal access in 2017. With mobile account ownership increasing by nearly 200 percent between 2014 and 2017, mobile money has become the preferred payment alternative to cash when measured in terms of transaction volumes. In May 2018, the Bank of Ghana mandated that all mobile money providers connect to GHLink, with full interoperability between mobile money providers and banks introduced in December 2018. 2020-08-18T18:33:08Z 2020-08-18T18:33:08Z 2019 Report http://documents.worldbank.org/curated/en/523231597379719030/Ghana-Digital-Economy-Diagnostic-Stock-Taking-Report http://hdl.handle.net/10986/34366 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Infrastructure Study Africa Ghana
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic DIGITAL ECONOMY
DIGITAL INFRASTRUCTURE
SMALL AND MEDIUM-SIZED ENTERPRISES
DIGITAL PLATFORM
DIGITAL FINANCIAL SERVICES
ENTREPRENEURSHIP
spellingShingle DIGITAL ECONOMY
DIGITAL INFRASTRUCTURE
SMALL AND MEDIUM-SIZED ENTERPRISES
DIGITAL PLATFORM
DIGITAL FINANCIAL SERVICES
ENTREPRENEURSHIP
World Bank Group
Ghana Digital Economy Diagnostic
geographic_facet Africa
Ghana
description Universal adoption and effective application of digital technologies are expected to characterize economies of the future, shaping their ability to succeed in the global marketplace and offer a better quality of life for their citizens. Disruptive technologies are already altering traditional business models and pathways to development, yielding significant gains, increased convenience, as well as supporting better access to services for consumers. In 2016, the digital economy was worth an estimated 11.5 trillion dollars worldwide, equivalent to 15.5 percent of global GDP. It is forecast to reach 25 percent in less than a decade, far outpacing the growth of the ‘traditional’ economy (Huawei and Oxford Economics 2016). Mobile money is driving financial inclusion, particularly in Sub-Saharan Africa, with the number of accounts doubling to 21 percent between 2014-17. African e-commerce is also rapidly growing, at an estimated annual rate of 40 percent. Over the past five years, there has been a tenfold increase across the region in the supply of new intermediaries such as incubators, accelerators, and technology hubs, amongst others, numbering more than 400 across Africa today. The digital economy in Africa is expected to grow to over 300 billion dollars by 2025 (McKinsey 2013). Ghana has made substantial progress on financial inclusion, due in large part to growth in DFS. According to the World Bank’s Global Findex, the share of Ghanaian adults (over 15 years of age) with a formal financial account increased by 42 percent between 2014 and 2015. As a result, nearly 6 in 10 adults had formal access in 2017. With mobile account ownership increasing by nearly 200 percent between 2014 and 2017, mobile money has become the preferred payment alternative to cash when measured in terms of transaction volumes. In May 2018, the Bank of Ghana mandated that all mobile money providers connect to GHLink, with full interoperability between mobile money providers and banks introduced in December 2018.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Ghana Digital Economy Diagnostic
title_short Ghana Digital Economy Diagnostic
title_full Ghana Digital Economy Diagnostic
title_fullStr Ghana Digital Economy Diagnostic
title_full_unstemmed Ghana Digital Economy Diagnostic
title_sort ghana digital economy diagnostic
publisher World Bank, Washington, DC
publishDate 2020
url http://documents.worldbank.org/curated/en/523231597379719030/Ghana-Digital-Economy-Diagnostic-Stock-Taking-Report
http://hdl.handle.net/10986/34366
_version_ 1764480750022819840

Similar Items