Over recent years, there has been a decline in the frequency of wage increases and, when wage increases do occur, the average size is lower (Graph 6). The decline in the average size of increases is largely due to a very sharp drop in the share of jobs where wages are increasing at what, by today’s standards, would be considered a rapid rate.
This is another milestone in Ghana’s strategy to develop an efficient payment systems framework to underscore the digitization process. 5  11. Broadly, implementation of the Act is expected to  liberalize the country’s payment system further and allow for the entry of non-banks, direct licensing of fintechs by the Bank of Ghana, and ultimately promote financial inclusion to facilitate electronic means of payment.