Accra:The Governor of the Bank of Ghana, Dr. Johnson Asiama, has advocated for the adoption of emerging digital financial technologies to decrease the cost of sending money to Ghana and expedite international payments.
According to Ghana Web, Dr. Asiama highlighted that Ghanaians residing abroad could benefit from quicker and more cost-effective money transfers if the country leverages virtual asset technology. He addressed this potential during the African Virtual Assets Summit (AVAS) 2026 held in Accra, emphasizing that virtual asset infrastructure could mitigate delays and high transaction fees associated with cross-border money transfers.
Dr. Asiama noted that businesses engaging in trade across Africa face similar difficulties, as payments between neighboring countries are often delayed and incur high charges. He suggested that digital payment systems could alleviate these issues and promote trade among African businesses under the African Continental Free Trade Area (AfCFTA).
In addition to enhancing money transfers, the Governor stated that the technology could assist small businesses and exporters in accessing loans and other financial resources more efficiently. He explained that tokenization, which involves converting ownership rights in assets into digital form, could enable businesses to secure funding more swiftly without undergoing lengthy traditional procedures.
Dr. Asiama also cautioned that Ghana must implement robust regulatory safeguards to protect consumers and investors before fully capitalizing on these technologies. He mentioned that the enactment of the Virtual Asset Service Providers Act, 2025 (Act 1154), was a significant step towards regulating the sector, but stressed that effective enforcement is crucial for achieving its goals.