The Bank of Ghana (BoG) is broadening its digital finance strategy beyond basic payment systems, now focusing on digital credit, embedded finance, and cross-border financial services. Governor Dr. Johnson Pandit Asiama announced this strategic shift, aiming to build interoperable financial systems across Africa. This move seeks to support regional trade and deeper economic integration.
This expanded focus comes as African policymakers intensify efforts to create unified financial systems. The goal is to move past the initial phase of expanding access through mobile money and branchless banking. Dr. Asiama stated the next phase will encompass digital credit, merchant payments, and supply-chain finance. These services will specifically target small businesses, women, young people, and the informal sector. The BoG is working to enhance financial inclusion and economic growth for previously underserved populations.
This policy shift fits into Ghana's broader economic narrative of fostering digital transformation and regional cooperation. Previous efforts have significantly increased financial inclusion, with a World Bank report cited by Dr. Asiama estimating that 49 percent of adults in Sub-Saharan Africa now use digital financial accounts. However, the challenge has evolved from providing access to improving integration and scalability across diverse payment systems. Uneven regulatory frameworks and high transaction costs continue to hinder intra-African trade.
Governor Dr. Johnson Pandit Asiama spoke at the 3i Africa Summit in Accra about these developments. He noted that the basic payment infrastructure is increasingly in place across the continent. “The next phase of digital finance will not be defined by payments alone,” Asiama explained. He stressed that the opportunity now lies in building the next layer of value by connecting existing systems. “The issue is no longer access alone. It is fragmentation. It is cost. It is uneven regulatory alignment,” he added.
This expanded digital finance agenda will bring several implications for Ghana's economy and regional trade. The central bank is developing regulatory frameworks for virtual assets, digital credit, and open banking. These frameworks aim to create a predictable environment for innovation while ensuring financial stability. Greater interoperability will likely reduce transaction costs for intra-African trade, making it easier for Ghanaian businesses to trade with other African countries. This supports the goals of the African Continental Free Trade Area.
Vice President Prof. Jane Naana Opoku-Agyeman reinforced this regional push. She announced Ghana will collaborate with Rwanda, Zambia, and other African countries to pilot a continental digital trade corridor. This initiative will focus on mobile money interoperability and harmonised electronic invoicing. These efforts aim to reduce friction in cross-border transactions that are currently often routed through non-African financial systems. This routing increases costs and delays for Ghanaian businesses.
Ghana Interbank Payment and Settlement Systems Ltd. (GhIPSS) is also strengthening its payment infrastructure. GhIPSS will migrate Ghana’s national payment systems to the ISO 20022 global messaging standard. Chief Executive Clara Arthur explained this migration will improve transaction data quality and accelerate settlement. GhIPSS is also seeking partnerships with regional and international card schemes. This will further support seamless cross-border integration for Ghanaian financial services. These combined efforts signal a significant leap forward in Ghana's digital financial landscape.