News
Government launches 3 new policies to speed up digital payments
The government has launched three new policy initiatives designed to deepen financial inclusion and accelerate digital payments in line with its vision of building a payment system that accelerates economic development.
The policies are National Financial Inclusion and Development Strategy, Digital FinancialServices Policy and Cash-Lite Roadmap.
Mr Ken-Ofori Atta, Minister of Finance launching the policies said “Digital payments help drive transparency, accountability, efficiency, as well as greater women’s participation in the economy. Moving away from cash helps our country advance towards achieving many of the Sustainable Development Goals.”
The National Financial Inclusion and Development Strategy, developed in collaboration with the World Bank, aims at increasing financial inclusion from currently 58 per cent to 85 per cent by 2023, helping create economic opportunities and reducing poverty.
The Digital Financial Services Policy, developed in partnership with CGAP, builds on existing technological gains to create a resilient, inclusive and innovative digital ecosystem that contributes to social development, a robust economy and a thriving private sector.
The Cash-Lite Roadmap, designed in collaboration with the United Nations-based Better Than Cash Alliance, puts forward concrete steps to build an inclusive digital payments ecosystem. This includes better access to financial services, enabling regulation and oversight, and promoting consumer protection.
According to the Finance Minister, “public and private sector actors need to work hand in hand, digitising in a responsible manner to turn these new policy initiatives into tangible benefits for all Ghanaians. These assertions are even more relevant in the era of the COVID-19 pandemic.”
In 2017, the Ghana Interbank Payment and Settlement Systems (GHIPPS) under the auspices of the Central Bank of Ghana, launched the Mobile Money Interoperability scheme to facilitate the simple and convenient movement of funds across mobile money platforms.
In November 2019, the Governor of the Bank of Ghana, Dr Ernest Addison, announced an initiative to pilot a Central Bank digital currency (CBDC) in a sandbox environment. This would foster competition, reduce the operational costs associated with cash and move the country closer to achieving its cash-lite objectives.
The Central Bank has also set up a Fintech and Innovation Office to drive the Bank’s Cash-lite, e-payments and digitisation agenda. Efforts at ensuring the development of the FinTech industry culminated in the establishment of the Ghana Chamber of Technology by industry players as its umbrella body. Among other things, the Chamber provides a forum for FinTechs and Payment Service Providers to share experiences and also serve as a single point of interaction with the Central Bank and key stakeholders.
Latest figures from GhIPSS show that the use of electronic payment channels that go through GhIPSS platform, went up by 81 per cent in the first quarter of this year compared to the same period last year.
According to Dr Ruth Goodwin-Groen, Managing Director of the United Nations-based Better Than Cash Alliance, “Ghana is already recognised as a global digital payments success story! We look forward to continuing working with our member, the Government, as well as with the private sector and international organisations, to accelerate the new ambitious cash-lite roadmap, in a way that is responsible and responsive to the needs of all Ghanaians.”
BY TIMES REPORTER
Local mattress manufacturers have raised serious concerns over the influx of substandard mattresses, warning that these products pose significant health risks to consumers and threaten the sustainability of Ghana’s mattress industry.
At a press briefing held in Kumasi on Tuesday, manufacturers accused unregistered foreign entities, particularly Chinese firms, of flooding the market with cheap mattresses made from polystyrene.
Mr Yaw Ampem Darko, a spokesperson for the local manufacturers, warned that prolonged use of substandard mattresses, especially those made with polystyrene, could result in chronic back pain, musculoskeletal disorders, poor posture, and diminished sleep quality.
These health implications, they stressed, were not always immediately evident but accumulate over time, especially among vulnerable populations such as children and the elderly.
This material, typically used for packaging, is considered unsuitable and unsafe for bedding.
According to industry leaders, these sub-standard products have been circulating for at least five years, gaining traction among unsuspecting consumers due to their unusually low prices.
“These mattresses are being sold at suspiciously low prices, luring unsuspecting consumers who are unaware of the health dangers.”
“We are not just protecting our businesses; we are protecting Ghanaian lives. The government must act swiftly to stem this tide before more citizens fall victim to these dangerous products,” Mr Yaw Ampem Darko stated.
The Ghana Standards Authority (GSA) has acknowledged the issue and, in response, announced a nationwide enforcement campaign aimed at clamping down on the production, distribution, and sale of substandard mattresses.
The campaign, which was scheduled to take effect from September 30, 2025, was empowered by the GSA Act, 2022 (Act 1078), which authorises the Authority to seize and seal non-compliant products and impose sanctions on offenders.
In a statement signed by the Director General of the GSA, Professor George Agyei, the authority cited Sections 29 and 43 of the Act, reiterating that all mattresses sold in Ghana must meet established national standards or face confiscation.
The statement further emphasised that mattresses failing to meet these standards not only compromise sleep quality but also contribute to long-term health complications, including spinal and neck pain.
Despite the GSA’s commitment, manufacturers have expressed frustration over delays in implementation and called for stronger enforcement mechanisms.
They urged the GSA to work in close collaboration with the Customs Division of the Ghana Revenue Authority and national law enforcement agencies to identify and prosecute violators of Ghana’s quality standards.
Manufacturers are also appealing to consumers to remain vigilant and prioritise their health by verifying that any mattress they purchase bears the GSA certification mark.
Moreover, they caution the public against purchasing suspiciously cheap mattresses that lack proper labelling or identifiable branding, as these were often indicators of substandard or counterfeit products.
As the official enforcement deadline had expired with no show, the local producers insisted that much more than business interests were at stake.
They argued that without swift and sustained action, the health and safety of Ghanaian consumers would continue to be compromised.
“Public awareness, strict enforcement, and collaboration among regulatory bodies are essential if we are to protect the integrity of the local industry and the wellbeing of the Ghanaian people,” Mr Darko indicated.
From Kingsley E. Hope, Kumasi
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The Founder of the Raissa Child Protection Initiative, Ms Raissa Sambou, has urged authorities to impose severe punishment on individuals, including teachers and guardians, who sexually abuse young girls.
Speaking in an interview to mark this year’s International Day of the Girl Child (October 11), Ms Sambou condemned the increasing cases of sexual exploitation involving minors, describing such acts as “heartless, criminal, and a total betrayal of trust.”
She noted that those entrusted with the care and education of children must not be the same people who violate them, stressing that “anyone found guilty of abusing a girl child must face the full rigours of the law without leniency.”
The International Day of the Girl Child is observed annually to promote the rights of girls, empower them to reach their full potential, and draw attention to the challenges they face worldwide.
Ms Sambou lamented that poverty continues to push many young girls into vulnerable situations, exposing them to exploitation.
She expressed concern that some headmasters, teachers, and community members who should protect girls rather take advantage of them.
“This must stop immediately. The safety of every girl must never be compromised,” she said, urging the public to report all forms of abuse to the appropriate authorities and called for swift action by law enforcement agencies against perpetrators.
Addressing girls directly, Ms Sambou encouraged them to take their education seriously and to believe in their potential.
“It is possible to be young and responsible. Your future is bright, protect it, believe in it, and never let anyone dim your light,” she advised.
She further urged girls to choose their friends wisely, stay disciplined, and speak up if anyone makes sexual advances toward them.
Ms Sambou concluded with a rallying call for collective action, saying “speak up, protect them, and empower them. Together, we can end the sexual exploitation of girls.”
By Esinam Jemima Kuatsinu
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