BANK of Ghana has shared that more people resorted to the use of digital payments than ever before during the partial lockdown of Tema,
Accra and Greater Kumasi as a result of the coronavirus (Covid-19) outbreak in the country.
Dr. Ernest Addison, Governor of BoG, stated that the convenience offered by technology relegated cash and checks,
more to the periphery with Covid-19, hastened the decline in the use of cash as the central bank looks forward for people to make a long-term switch to digital payments.
Addressing the Monetary Policy Committee (MPC) meeting last Friday, Dr. Addison disclosed that the general economic uncertainty reduced demand for credit with commercial banks tightening credit stance.
“As a result, credit to the private sector remained virtually flat during the period. Broad money supply (M2+) slowed significantly to 13.5 per cent in March 2020, compared with 21.6 per cent growth a year ago,”
