Ghana Governor Urges Africa to Build Better Digital Finance Systems
Bank of Ghana Governor Dr. Johnson Asiama urged African nations to create the right conditions for financial services to grow. Speaking at the 3i Africa Summit in Accra, he emphasized the need to move beyond simply providing access to digital financial accounts and focus instead on translating that access into tangible value for citizens and businesses. The Governor highlighted the importance of integrating and coordinating existing digital finance systems rather than building new ones, stressing that strong regulation and clear priorities are crucial for achieving this goal.
Bank of Ghana Governor Dr. Johnson Asiama has urged African countries to build the right environment for financial services to grow. He spoke at the 3i Africa Summit held in Accra on Wednesday. The summit theme was “The Next Frontier: Shaping Africa’s integrated fintech future.”
Dr. Asiama stated that digital finance is now central to economies, not a side issue. It drives value creation and trust. He pointed out that in Sub-Saharan Africa, about 49 percent of adults have digital financial accounts. This data comes from a World Bank report. The continent must now turn this access into real benefits for people and businesses.
Mobile money and branchless banking have helped bring services to more people. Technological advances are now strengthening this progress. This includes digital credit and new ways to finance small businesses. Opportunities lie in areas like merchant payments and cross-border services. Dr. Asiama noted that the challenge is connecting systems, not building them. Clear priorities and strong coordination are needed. Regulation must remain firm during this process.
The Bank of Ghana is taking deliberate steps. It is advancing frameworks for virtual assets. Guidelines for digital credit are being issued. Open banking initiatives are progressing. Support for cross-border fintech activities is also in place. These actions aim to create a structured and predictable financial system. This system will support innovation at a large scale. The Governor believes the summit helps align markets and regulators.
This alignment leads to faster progress. Financial systems will become more inclusive and innovative. They will be capable of operating at a large scale. The goal is to ensure innovation, investment, and impact are strongly coordinated. This requires strong partnerships and sustained investment. These pillars must be effectively aligned for success.
Source: StatsGH — Ghana's data-driven news platform