Digital fraud may be rising, but Economist and Professor of Finance at the University of Ghana Business School, Godfred Bokpin, says Ghana cannot afford to retreat from digital pay
The report indicates that digital fraud may be rising, but Economist and Professor of Finance at the University of Ghana Business School, Godfred Bokpin, says Ghana cannot afford to retreat from digital payments.
It further notes that he argues that the country’s focus should be on managing the risks, not slowing a transition that is already expanding financial inclusion, cutting transaction costs, supporting convenience and creating new digital jobs.
Prof. Bokpin stated the real challenge is not whether Ghana should slow down digitisation, but how the country manages the risks that come with it.
“The net benefit overall is positive. Regardless of the fraud, the uptake, the trend, the convenience, the inclusion and the fact that the digital economy is expanding and creating digital jobs and digital apps are all quite good. There is no point in saying we want to put a stop to that. What is important is how we manage the risk,” he said.
Prof. Bokpin was speaking in a yet-to-be-aired documentary, “The Trust Crisis,” ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.”
The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.
The forum will bring together regulators, banks, fintech companies, telecommunications firms, security agencies and consumers to examine whether Ghana’s regulatory system is keeping pace with the growth of digital finance.
Prof. Bokpin stated the world is moving towards digital payments and Ghana has little choice but to prepare for that future.
“That is where the world is heading, and we do not have an option. Economies are increasingly being digitised, especially in the area of payments, and a lot of investment has also been made in infrastructure to enable digital payments,” the
He stated the digital economy is expected to grow faster than the traditional economy.
“The understanding is that the digital economy, based on digital apps and technologies, is expected to grow faster than the traditional economy. Every projection is heading in that direction,” he further said.
Ghana’s own payment data reflects that shift. The Bank of Ghana’s 2024 Payment Systems Oversight Annual Report says Ghana’s payment landscape remained “buoyant and robust” in 2024 as adoption of digital payments increased.
Payment service providers processed about 8.1 billion transactions valued at approximately GH¢3 trillion in 2024, compared with 6.8 billion transactions valued at GH¢1.9 trillion in 2023.
Prof. Bokpin stated the expansion of digital finance is particularly important for countries like Ghana, where many people still operate in the informal sector.
