It is reported that as of January 2022, some 57.7% of Ghanaians 15 years and older are unbanked. Given that the estimated money outside the banking system is 30%

a. As a monetary expert, illuminate the implication of this phenomenon on the Ghanaian economy.

b. Derive and calculate an actual monetary multiplier and assume that the country's required reserve ratio stands at 9%.

c. The monetary authority (BoG) has put in policies such as the E-zwich, ATM, Ghana Card and other biometrics to ensure that the country moves towards a cashless economy. The outcome of the policy measure is that almost all Ghanaians have certain banking cards (ATM, E-Zwich, Debit, and Credit cards) or bank accounts. The currency in circulation outside the banking system is now 8%. What would be the implication of this on the money creation multiplier and the ability of the commercial banks to create money, assuming the required ratio stays the same as above?

d. Assuming the mobile money concept is understood and patronized by all mobile users in Ghana, estimated at 95%. Suppose this development has ensured that the currency in circulation is zero. What would be the effect of this on the level of the money multiplier and its implication in the Ghanaian financial sector?