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TOWARDS CASHLESS SOCIETY – AN ANALYTICAL ASSESSMENT OF GHANA’S PROGRESS SO FAR

Sampson Anomah, Maurice Aduamoah

Abstract


The amount of transactions andinformation have increased so rapidly during the last decades, so it isimpossible to even think about banks without information technologies thatbring along innovative means to facilitate operations. In the world of banking,the developments in information technology have had an enormous effect in thedevelopment of more flexible payment methods and more user-friendly,convenient, fast and secure banking services. Manypeople, researchers and commentators are upbeat about the growing trend towardscashless society in Ghana.  Stakeholders are currently excited about theopportunities a cashless society brings. A cashless society has the potentialto resolve many perennial exchange rate problems but,some banks have developed cold feet attitude because of infrastructure problemsand the high cost of equipment. This study is an empirical study cumdescriptive literature review which analytically assesses various cashlesspayment systems in Ghana today on ‘value for money’ (VFM) criteria.

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ISSN : 2251-1547