Regulatory Exemplars Country Report: Ghana

This report explores Ghana's progress in making its financial system more inclusive and the unique role of competition policy in achieving this aim. Legal changes being reviewed are the 2015 Guidelines on E-Money Issuers, and the 2019 Payment System and Services Act (PSSA) consolidating regulations in payments. The Bank of Ghana's Fintech and Innovation Office aims to improve regulatory agility, though coordination challenges exist. COVID-19 led to relaxed regulations, boosting mobile money transactions, but the e-levy had a negative impact. Concerns about MTN's dominance in mobile money and telecommunications highlight the need for a comprehensive competition policy. The report also addresses issues like digital payment initiatives, smartphone access, remittances, crowdfunding, open finance, and the potential impact of a central bank digital currency (CBDC), eCedi. Despite challenges, Ghana's financial inclusion progress is notable, with further potential through a more holistic policy view for competition, market structure and governance of market infrastructure.