BoG calls for deeper integration of African Payment Systems to boost regional trade
Bank of Ghana Governor, Dr. Johnson Pandit Asiama, has called for stronger integration of Africa’s payment systems, warning that fragmented cross-border settlement structures continue to hinder regional trade and financial market development.
Speaking at the ACI Financial Market Association global conference in Accra, Dr. Asiama said African central banks are increasingly focusing on interoperability, digital payment infrastructure, and coordinated regulation as financial systems evolve rapidly under technological change.
He noted that while trade integration efforts across the continent have advanced, payment and settlement systems have lagged behind, resulting in high transaction costs and inefficiencies in cross-border fund transfers within Africa.
“Someone says it is cheaper, for example, to send money across the ocean than it is to send money to another country within the sub-region,” he said. “And so, yes, we have a lot of work to do to support our people.”
Dr. Asiama indicated that the Bank of Ghana is actively supporting regional initiatives aimed at improving cross-border payments, including efforts connected to the Pan-African Payment and Settlement System (PAPSS). He also revealed that the central bank is exploring the potential of stablecoin-related innovations to help address persistent payment bottlenecks in the sub-region.
He added that the Bank of Ghana is collaborating with regional institutions to develop regulatory sandbox environments where emerging payment technologies can be tested under controlled conditions before wider adoption.
“We do realise that integrating payment systems across the sub-region is the right way to go,” he said.
The Governor made the remarks at a time when African policymakers are intensifying efforts to advance the African Continental Free Trade Area (AfCFTA) through faster and more cost-effective payment systems to support growing intra-African trade. Despite progress in digital finance, cross-border transactions within Africa remain among the most expensive globally, according to industry data.
Dr. Asiama further stated that the role of central banks is expanding beyond traditional monetary policy to include oversight of artificial intelligence, data governance, fintech regulation, and cybersecurity.
He disclosed that the Bank of Ghana has established dedicated units focused on artificial intelligence, data analytics, and virtual asset supervision, and is considering a specialised framework for fintech regulation.
“We were quite late when it comes to fintech,” he admitted, noting that Ghana only created a dedicated payments systems department in 2016 after innovation had already outpaced regulation.
He stressed the need for regulators to balance innovation with financial stability, arguing that oversight should focus on risks rather than restricting technology itself.
“For us in Ghana, that is one approach we’ve been adopting – do not regulate the technology, but regulate the risk,” he said.
Dr. Asiama also highlighted the importance of strengthening digital public infrastructure, improving financial inclusion, and enhancing cybersecurity resilience across African financial systems.
He noted that some parts of Ghana still have limited access to banking infrastructure, making digital finance essential for expanding financial inclusion.
The Governor further emphasised the need to build stronger institutional trust and credibility as financial systems become increasingly digital, adding that the central bank has stepped up engagement with financial institutions, investors, and market operators to improve coordination and policy outcomes.
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