The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, is calling for urgent reforms to integrate Africa’s fragmented payment and settlement systems, warning that inefficiencies in cross-border transactions are slowing trade and economic growth on the continent.
Speaking at a fireside chat during the ACI Financial Markets World Congress in Accra, he said Africa’s financial systems remain disjointed, making it cheaper in some cases to send money across continents than within the same sub-region.
Dr. Asiama argued that without interoperable systems, the ambitions of the African Continental Free Trade Area (AfCFTA) will remain difficult to fully achieve, as high transaction costs continue to discourage intra-African trade.
He disclosed that the Bank of Ghana is collaborating with the AfCFTA Secretariat and other partners to explore digital solutions, including stablecoins and sandbox-based innovation frameworks, to improve cross-border payments.
According to him, African central banks are increasingly working together to harmonise regulations and strengthen financial infrastructure in response to rapid technological change.
He stressed that while innovation is essential, it must be balanced with strong safeguards for financial stability and consumer protection.
Dr. Asiama urged regulators not to over-focus on technology itself but on the risks it presents, so as not to stifle innovation.
He also highlighted Ghana’s support for initiatives such as the 3i Africa Summit and ongoing work on regulatory sandboxes aimed at helping fintech firms develop solutions in controlled environments.
The Governor expressed confidence that deeper cooperation among African regulators, innovators, and investors will drive the continent toward a more connected, efficient, and inclusive financial ecosystem.
