The Bank of Ghana Governor, Dr. Johnson Asiamah has called for deeper regional cooperation to tackle the challenges of cross-border digital payments, remittances, and financial interoperability in Sub-Saharan Africa.
Speaking at a seminar on Central Bank Digital Currencies (CBDCs) and Digital Payments, Dr. Asiamah emphasized that while digital innovation is rapidly growing across the continent, obstacles such as high transaction costs, slow processing times, and fragmented regulatory frameworks continue to hinder progress.
In his address, Dr. Asiamah highlighted the critical role of cross-border payments, particularly remittances, in driving inclusive growth and supporting livelihoods in Africa. He noted that despite significant advances, remittance transactions remain inefficient and costly due to the complex and disjointed systems in place.
“The stakes are high for Africa. Remittances remain costly and inefficient, and small businesses struggle with cross-border trade settlements,” said Dr. Asiamah, stressing the need for a unified approach to address these issues.
The Bank of Ghana is actively participating in the Pan-African Payment and Settlement System (PAPSS), which includes 15 central banks and over 50 commercial banks. This initiative aims to reduce Africa’s reliance on non-African clearing pathways and promote financial sovereignty.
Dr. Asiamah also pointed to two significant initiatives co-led by Ghana and the National Bank of Rwanda: the FinTech License Passporting Framework, which facilitates regulatory alignment across borders, and the Africa NextGen Digital Payment Infrastructure (DPI) initiative, designed to create secure and interoperable payment systems for African markets.
While infrastructure development is crucial, Dr. Asiamah emphasized that it must be paired with policy coherence and regulatory flexibility. He advocated for tools such as multi-regulator sandboxes and Supervisory Technologies (SupTech) to enhance real-time compliance monitoring and streamline data sharing across borders.
The Governor also stressed the importance of shaping international digital standards that reflect Africa’s unique needs, particularly in areas like anti-money laundering (AML), combating the financing of terrorism (CFT), digital identity, and data privacy.
“The real human stories behind these reforms are crucial,” Dr. Asiamah remarked.
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