BoG Governor calls for continental coordination to scale digital finance

Dr. Johnson Asiama, the Governor of the Bank of Ghana, is promoting digital assets and payment solutions. He believes these can enhance financial inclusion and intra-African trade. This aligns with the African Continental Free Trade Area (AfCFTA).

At the 3i Africa Policy Forum, he acknowledged progress from national initiatives like innovation hubs. However, he emphasized that broader continental coordination is essential.

“Across the continent, we see encouraging signs of progress,” he said. Fintech is helping underserved communities access financial services. Cross-border digital payments are increasing, which may reduce trade barriers.

Despite these advancements, Dr. Asiama stated that national efforts alone are insufficient. To achieve "One Africa, One Market," we need coordinated actions across countries. This includes harmonizing regulations and enhancing interoperability in financial systems.

He also stressed the need to turn ideas into actionable strategies for digital finance growth. “Today’s Forum builds on momentum from the May 2024 Summit,” he noted. It gathers leaders in policy, regulation, finance, and technology to shape Africa's digital future.

Vitaliy Kramarenko from the IMF echoed these sentiments. He urged African policymakers to develop digital infrastructure and promote financial innovation. Strengthening regional trade integration is vital for a resilient economy.

Kramarenko highlighted strategic investments in electricity and internet access as crucial foundations for transformation. “Only half of Sub-Saharan Africa has electricity access,” he pointed out. Internet penetration stands at about 33%, which poses significant challenges.

Public-private partnerships are necessary to improve critical infrastructure across the continent. The second edition of the Africa Policy Forum focused on creating actionable strategies for Africa’s digital economy transformation under the theme “One Africa, One Market.”