Accra: Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, has called for integrated payment and settlement systems across Africa to support trade, deepen financial inclusion, and accelerate economic growth on the continent. He noted that while African countries have made progress in promoting regional trade, the payment and settlement systems across the sub-region remain fragmented, making cross-border transactions expensive and inefficient.
According to Ghana News Agency, Dr. Asiama made these remarks during a fireside chat on the future of monetary governance, digital transformation, interoperability, and financial stability at the ACI Financial Markets World Congress in Accra. He pointed out that it is sometimes cheaper to send money across oceans than to another country within the sub-region. He emphasized that fostering interoperability across Africa's financial infrastructure is crucial for achieving the continent's economic integration agenda under the African Continental Free Trade Area (AfCFTA).
The Bank of Ghana is actively working with AfCFTA and other stakeholders to explore stablecoins and other digital innovations to address cross-border payment challenges. Dr. Asiama mentioned the bank's efforts in a sandbox environment to establish platforms that support greater integration across the sub-region. African central banks are increasingly collaborating to harmonize regulations, improve payment systems, and share experiences on emerging financial technologies.
Dr. Asiama highlighted that the Bank of Ghana supports initiatives such as the 3i Africa Summit, which brings together central bank governors, innovators, and investors across the continent to discuss innovation and financial sector development. He stressed that innovation should align with financial stability and consumer protection, advising regulators to manage risks rather than the technology itself.
The Bank of Ghana is promoting regulatory sandboxes and innovation hubs, providing controlled environments for financial technology firms to develop solutions while ensuring risks are managed. The central bank is also considering a sub-regional sandbox framework to facilitate learning and coordinate innovation efforts among African countries. Dr. Asiama expressed optimism that stronger collaboration among regulators, innovators, and investors would help Africa build resilient and inclusive financial systems capable of supporting sustainable economic growth.