Development of electronic payment systems to boost employment rates

A report by economic indicator, Moody’s Analytics has revealed that electronic payments increased employment rates in the country. An average of 2,820 jobs were created between 2011 and 2015 in Ghana.

Speaking at a public lecture by Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) in celebration of their 10th Anniversary, Ghana’s Country Manager at VISA, Emezino Afiegbe noted that despite the achievement Ghana was found to be low on the list of the 70 countries studied regarding their use of payment form factors.

“Focusing on Ghana in this report, because this report looked at multiple countries, about 70 countries. We found out that between 2011 and 2015 an average of 2820 jobs were added to the system because of electronic payments…. Despite this achievement, out of the 70 countries studied, Ghana was still low in the list with regards to use of payment form factors such as cards. So imagine if more and more people, institutions adopt electronic payments, more jobs will be added,” Mr. Afiegbe said.

He further challenged the central bank, Bank of Ghana and Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) to adopt new technologies which will boost the inter-connectivity of the country with other regions on the continent and the world at large resulting in the increase in the level of GDP.

“We found out that the more you have exchange of goods and services within a region, the more prosperous you would become.. but how do you facilitate the exchange of goods and services easily; electronic payments”, he stated

Emezino Afiegbe also indicated “How well is Ghana connected to countries in West Africa and the rest of the world… we want to share these ideas so that as policies are formulated, as new technologies are implemented, it ensures that GDP growth for the country is improved and the livelihoods of individuals also improve.