The monetary policy rate is the rate at which the Central Bank of Ghana lends to commercial banks. The results from table 4.4.1 shows that the monetary rate in Ghana declined from 2019 to 2021, before rising in 2022. The decline in the monetary rate from 2019 to 2021 can be attributed to an expansionary monetary policy, which was implemented to boost the economy of Ghana by reducing unemployment. The rise in the monetary rate in 2022 is a sign of a contractionary monetary policy, which is intended to reduce money supply and increase the cost of borrowing. This can help control inflation but may also lead to lower economic growth due to reduced aggregate demand (consumption). Consumption which is a component of GDP, the decrease in Aggregate demand will lead to decrease GDP and economic growth at large.

Digitalization has become the norm in all parts of life, including finance. Mobile money has acquired substantial acceptance in Ghana as a simple mechanism for fund transfers, payments, and receipts. Table 4.4.3 shows that mobile money account usage is steadily increasing. In 2018, there were 13,056,978 active mobile accounts, 12,725,649 in 2019, 17, 142,677in 2020, 17,948,480 in 2021, and 20,380,176 in 2022.

This increase can be linked to the ease of fund transfers, bill payments, and fund receipts, as opposed to traditional banking techniques. Furthermore, the introduction of mobile money has led to an increase in work prospects, particularly for mobile money agents. This trend has been steadily increasing. Individuals who work as mobile money agents generate income, increase spending and increase savings. The increase in consumption, which is a fundamental component of the Gross Domestic Product (GDP), fuels economic growth.

The total amount of mobile money transactions as a percentage stood at 5.06% in 2018 and increased to 10.04% in 2019. The following years saw even more increase, with 18.32% in 2020, 31.77% in 2021, and a notable 34.81% in 2022.

Required:

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