Ghana to pilot digital trade corridor with Rwanda and Zambia

Ghana will partner with Rwanda and Zambia to pilot a continental digital trade corridor, a move aimed at enhancing cross-border payments, digital identity verification, and electronic invoicing. Vice President Prof. Jane Naana Opoku-Agyeman announced this initiative at the 3i Africa Summit in Accra.

This pilot program represents Ghana’s latest effort to solidify its role in Africa’s digital finance integration agenda. Policymakers seek to reduce the high costs and inefficiencies associated with intra-African transactions. Many such transactions currently rely on offshore financial systems and are settled in non-African currencies.

The initiative fits into Ghana’s broader strategy within the African Continental Free Trade Area (AfCFTA) framework. It builds on efforts to align financial systems and boost local currency settlements through the Pan-African Payment and Settlement System (PAPSS). Economic competitiveness increasingly depends on secure digital transactions and verifiable digital identities across borders, as highlighted by Prof. Opoku-Agyeman.

Prof. Opoku-Agyeman emphasized that the systems developed will determine Africa’s participation in the global digital economy. She stated it would ensure Africa operates on its own terms, rather than within external frameworks. This project will specifically focus on mobile money interoperability, mutual recognition frameworks, and cross-border digital Know-Your-Customer (KYC) systems.

Bank of Ghana Governor Dr. Johnson Pandit Asiama added that the next phase of digital finance growth must move beyond basic payments. It needs to include services like digital credit, embedded finance, and cross-border financial products. Governor Asiama mentioned that the central bank is advancing regulatory reforms for virtual assets, digital credit, and open banking.

These reforms aim to create a predictable digital finance ecosystem capable of responsible scaling. He also underscored the critical importance of stronger digital identity and KYC systems to combat fraud and build trust. Weak authentication frameworks increase risks and undermine confidence in digital finance, Dr. Asiama warned.

Clara Arthur, Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), shared Ghana’s progress in modernising its payment infrastructure. GhIPSS is migrating Ghana’s national payment systems to the ISO 20022 global messaging standard. This migration will improve interoperability with international financial markets, support richer transaction data, and enable faster settlement.

Ms. Arthur also confirmed GhIPSS is strengthening partnerships with regional and international card schemes. It is also exploring collaborations with virtual asset service providers following Ghana's Virtual Asset Service Providers Act. She concluded that enhanced interoperability across payment systems is key to the future growth of African digital finance.

The broader policy direction demonstrates a growing understanding among African policymakers that digital infrastructure, regulatory coordination, and interoperable payment systems are crucial. These elements are vital for expanding trade, increasing financial inclusion, and fostering private-sector participation under AfCFTA. Challenges remain, including uneven internet access, fragmented regulation, and limited digital identity coverage across the continent, which need addressing.