The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has called for stronger digital infrastructure across Africa. This infrastructure will sustain financial inclusion gains and attract more investment into the digital economy.
Speaking at the 3i Africa Summit 2026, she highlighted that innovation alone is not enough. Systems that support large-scale access and impact are also necessary. Mrs. Asante-Asiedu stated, “Innovation without infrastructure cannot and does not scale. Investment without systems do not reach people, and impact without inclusion will not last.”
Ghana's experience with USSD-based mobile money services demonstrates this principle. These services allow people to send and receive money using basic mobile phones without internet access. This simple system has been crucial in expanding financial services access. It has helped Ghana achieve 81% financial inclusion, according to the World Bank Global Findex Report.
Mrs. Asante-Asiedu noted, “The system was built for the reality that we have, for the people who we serve, because the infrastructure also already existed.” Mobile money agents are central to these efforts. They handle cash-in and cash-out services, serving as essential links for financial transactions.
Investment flows depend on trust, reliable systems, and clear regulations. Mrs. Asante-Asiedu explained, “Capital flows where systems work, where payment rules are reliable, and where regulatory frameworks are clear and trust exists.” She advocated for stronger digital public infrastructure, better coordinated regulations, and systems supporting cross-border transactions. This is particularly important under the African Continental Free Trade Area (AfCFTA).
She warned that digital progress must not worsen inequality. If digital advancements only serve those already privileged, it merely digitizes existing advantages, not promotes inclusion. Africa must build trusted, integrated systems that benefit everyone. This includes small businesses, rural users, and informal workers.
The BoG’s push for digital infrastructure aligns with Ghana's broader economic strategy. The strategy aims to leverage technology for inclusive growth. The government has prioritized digitalization to streamline public services and boost economic activity across sectors. This focus is critical for integrating Ghana into the wider African digital economy.
The emphasis on regulatory frameworks is vital for attracting foreign direct investment. Clear rules minimize risks for investors, making the Ghanaian market more appealing. The National Digital Transformation Agenda seeks to expand internet penetration and digital literacy. This supports the foundational infrastructure Mrs. Asante-Asiedu described.
Such initiatives are also crucial for the stability of Ghana’s financial sector. A robust digital payment ecosystem reduces transaction costs and increases formal financial participation. This can help the central bank manage inflation and ensure monetary stability more effectively. The expansion of mobile money has already significantly boosted GHS transactions outside traditional banking halls.
Future policy decisions will likely focus on strengthening these digital frameworks. Regulators will need to balance innovation with consumer protection and cybersecurity. The success of cross-border transactions under AfCFTA will depend heavily on these integrated digital systems. This will open new avenues for trade and economic collaboration across the continent.