The Governor of the Bank of Ghana, Dr. Ernest Addison, has outlined four key priorities for strengthening Africa's digital payments ecosystem. He urged central banks to focus on cross-border efficiency, financial health, consumer trust, and regulatory cooperation. This announcement came during his address at the IMF-World Bank meetings in Thailand.
Ghana's mobile money transactions surpassed 1 billion for the first time in August 2026, reaching a total value of GHS 519 billion. This figure represents a significant 46.5% increase compared to the same period in the previous year. Dr. Addison stated that this scale of activity offers a crucial opportunity to deepen financial inclusion, support trade and investment, and improve the resilience of financial systems across Africa.
These priorities fit into Ghana's broader economic strategy to leverage digital transformation for growth and stability. The nation has seen rapid adoption of mobile money, positioning it as a leader in digital financial services. However, the challenge remains to translate this access into tangible economic benefits for all citizens and businesses. The Bank of Ghana's initiatives aim to address these gaps and foster a more integrated regional financial landscape.
Dr. Addison noted that many payments between African countries still route through correspondent banks outside the continent. These transactions often incur costs exceeding 8%, which is significantly above the 3% target. He stressed the importance of reducing these high transaction costs to facilitate intra-African trade and investment.
The first priority is to make cross-border payments faster and cheaper. The Bank of Ghana is actively testing cross-border interoperability using central bank digital currencies, stablecoins, bank accounts, and mobile wallets. These tests are ongoing along the Ghana–Rwanda and Ghana–Nigeria corridors. The Pan-African Payment and Settlement System (PAPSS) has also been extended to mobile wallets on the Ghana–Nigeria corridor. The objective is to move these initiatives into live services by building on existing infrastructure.
The second priority focuses on transforming financial access into meaningful financial inclusion. While 81% of Ghanaian adults have access to financial services, only 52.7% are considered financially included when actual usage and service quality are factored in. Private sector credit remains low, at about 10% of GDP. Dr. Addison emphasized that digital platforms must do more to support responsible savings, credit, insurance, and investment. The Bank is strengthening oversight of digital lenders and developing tools to monitor borrowers’ exposure to multiple lenders. Its open banking initiative is also progressing towards a pilot phase to enhance customer control over financial data and encourage competition.
The third priority involves strengthening trust and protecting consumers. Reported fraud cases in Ghana increased by 48% in 2025, primarily involving payment service providers. Although the total value at risk remained broadly unchanged, this indicates a shift towards a greater number of smaller incidents affecting ordinary users. Measures to combat this include consumer education, payee confirmation, stronger SIM replacement controls, and enhanced cybersecurity supervision.
The fourth priority aims to reduce regulatory fragmentation across the continent. African fintech companies often face costly and duplicative licensing requirements when entering different markets, even for similar activities and risk profiles. Ghana’s Licence Passporting Framework with the National Bank of Rwanda offers a model for closer regulatory cooperation. The Bank of Ghana is engaging more than ten countries to join this initiative. Common standards for payment messaging, payee verification, and fraud data sharing would further strengthen regional integration. Dr. Addison stressed that Africa’s digital payments future should not depend on any single technology. Central banks must ensure that emerging systems are safe, efficient, resilient, and inclusive, supporting the continent’s wider trade, investment, and development ambitions.