Sampson anomah and maurice aduamoah

TOWARDS CASHLESS SOCIETY -

AN ANALYTICAL ASSESSMENT OF GHANA’S PROGRESS SO FAR

Sampson Anomah: Lecturer (Accounting Information systems), Kumasi Polytechnic, and Ghana Telecom University (Electronic Commerce). P. O Box

KS 7811, Adum, Kumasi Ghana. Email: samanomah@msn.com. Telephone: 0206581544.12/2/2012

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