Accra: Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), has called for a more inclusive and balanced policy approach as African countries push toward a cashless economy. He highlighted the necessity of accommodating both cash and digital options, particularly for the unbanked, marginalized, and less digitally literate segments of societies.
According to Ghana News Agency, Professor Quartey made these remarks during the opening of a two-day conference of the Merian Institute of Advanced Studies in Africa’s (MIASA’s) 12th Interdisciplinary Fellow Group (IFG12) in Accra. The conference, themed ‘Cash in Crisis in Africa: Navigating Financial Realities in Times of Disruption,’ aimed at exploring the dynamics between policy frameworks and crises in shaping the circulation, accessibility, and utilization of cash in an increasingly digitized African society.
Professor Quartey emphasized the coexistence of cash and digital payments to ensure financial inclusivity and resilience. He praised the conference theme as highly relevant, considering the current financial disruptions and the growing push for digital transformation. ISSER, in collaboration with the Innovation for Poverty Action (IPA), is also advancing in the digital finance space, funding studies through the Gates Foundation across countries like India, Ghana, Pakistan, and Indonesia to explore commercial solutions for reaching underserved communities.
Highlighting the significance of digital payments, Professor Quartey referenced the 2024 GSMA report, noting the slow but steady growth in mobile money usage, with 1.7 billion users in 2023, a 12% increase from the previous year. Additionally, agent networks in sub-Saharan Africa have grown by 22% since 2002.
Mr. Fabio Knumann, a Representative of Deutsche Bundesbank, stressed the foundational role of cash in many African economies amidst limited digital infrastructure. He warned of the global decline in cash infrastructure, particularly in Europe, and called for solutions that maintain the resilience of cash systems while embracing digital innovation.
Mr. Joseph Awetori Yaro, Provost of the College of Humanities, highlighted the theme’s relevance to millions of Africans adapting to financial uncertainty. He praised the IFG12 fellows for their commitment to advancing dialogue on pressing issues facing African societies.
Prof. Grace Diabah, Director of MIASA, outlined the IFG 12 project’s investigation into the role of cash in West African settings during crises. The initiative aligns with MIASA’s mission to promote original research on sustainable governance and foster global collaboration among researchers. The IFG12 comprises five fellows, including Prof. Vivian Afi Dzokoto, Prof. Isaac Osei-Akoto, Prof. Oludayo Tade, Dr. Agnes Piekacz, and Dr. Mariusz Lukasiewicz.