He was speaking on the sidelines of the Currency Research International (ICCOS) 2019 Cash Cycle Seminar for the Middle East & Africa (MEA) held recently in Accra, where he presented the first-ever global study of how cash is used around the world, the G4S World Cash Report.

The programme afforded central bankers, commercial bankers and other industry experts an opportunity to deliberate and share experiences on different aspects of currency cash management, distribution and circulation within the broader payment systems framework.

One of the report’s main findings was that contrary to popular opinion, demand for cash around the world was growing in absolute terms and relative to GDP, despite the increased popularity of electronic forms of payment.

It also indicated that cash in circulation relative to GDP had increased to 9.6 per cent across all continents, up from 8.1 per cent in 2011.

“Cash is preferred for a lot of reasons. In some countries, the alternatives have not been put in place but cash also has some unique attributes that non-cash alternatives don’t have,” the G4S top official said.

That’s the situation now, in Mr Van Der Knaap’s view, because cash affords convenient direct settlement, does not depend on electronic infrastructure and will always work.

Report

Commenting on the report, the Managing Director of G4S Security Services Ghana Limited, Mr Michael Gyapah, said it competently spoke to the trends in the global cash solutions market.

To him, Ghana was, therefore, no exception as it was an extensively cash-driven country.

"With the cash security market becoming increasingly risky within some markets, G4S has continued to look for innovative ways of keeping cash and valuables secured at all times during processing, in transit and storage.

“Given our extensive experience in providing cash solutions globally and with tailor-made services within Africa, G4S looks to expand such services to Ghana to support the growing market,” Mr Gyapah added.