The Bank of Ghana has indicated that infrastructure alone is not enough to build a robust and efficient payment system in Ghana and across the African continent.
According to the Governor, Dr. Johnson Asiama, policy coherence and regulatory agility must go hand-in-hand to create a vigorous and effective payment system.
“We see strong potential in tools such as multi-regulator sandboxes, which bring regulators, innovators, and governments into a shared testing environment. Similarly, Supervisory Technologies (SupTech) can enhance real-time compliance monitoring, cross-border data flows, and information sharing,” he said during a meeting with Central Bank Governors in Accra. The meeting also included the Deputy Director of the International Monetary Fund African Department and senior officials from the World Bank and IMF.
“We must also be proactive in shaping international digital standards – in areas such as AML/CFT, digital identity, and data privacy – so that they are inclusive of our contexts rather than imposed from outside. Digital trade agreements, when thoughtfully constructed, can also promote interoperability and trust,” he added.
The Governor continued, “But as we talk about systems and standards, let us not lose sight of the real human stories behind these reforms. The single mother receiving remittances to keep her children in school. The young entrepreneur seeking payment channels to export their goods. The regulator striving to ensure innovation does not outpace resilience. These are the lives we must center in our work.”
Cross-Border Payments
The Governor emphasized that cross-border payments, in particular, hold immense potential to drive inclusive growth and support livelihoods – yet they continue to face multiple challenges, such as high transaction costs, slow processing times, limited transparency, and inadequate interoperability.
He noted that these issues arise from a patchwork of regulatory frameworks, legacy systems, differing time zones, and a lack of alignment on data standards, consumer protections, and compliance protocols.
For the continent, Dr. Asiama stated that the stakes are high, pointing out that remittances, often lifelines for families, remain costly and inefficient. Additionally, small businesses face challenges with the high friction of cross-border trade settlements, and regulators struggle with balancing openness with oversight.
The seminar will conclude today, May 13, 2025. The Governor urged all participants to engage in open, forward-looking, and critical dialogue.