Infrastructure alone is not enough to build robust payment system in Ghana, Africa - Governor

The Bank of Ghana has stated that infrastructure alone cannot build a strong payment system in Ghana and Africa.

Governor Dr. Johnson Asiama emphasized the need for policy coherence and regulatory agility. He believes these elements are essential for an effective payment system.

At a meeting in Accra, he discussed tools like multi-regulator sandboxes. These sandboxes allow regulators, innovators, and governments to test ideas together. He also mentioned Supervisory Technologies (SupTech) for real-time compliance monitoring.

Dr. Asiama urged the importance of shaping international digital standards. Areas like AML/CFT, digital identity, and data privacy should reflect local contexts. Thoughtfully constructed digital trade agreements can promote interoperability and trust.

He reminded attendees not to forget the human stories behind reforms. For example, single mothers rely on remittances for their children's education. Young entrepreneurs need payment channels to export goods. Regulators must ensure innovation does not outpace resilience.

Regarding cross-border payments, Dr. Asiama noted their potential for inclusive growth. However, they face challenges like high transaction costs and slow processing times. Limited transparency and inadequate interoperability also hinder progress.

These issues stem from various regulatory frameworks and legacy systems. Differences in time zones complicate matters further, along with inconsistent data standards and consumer protections.

Dr. Asiama highlighted the high stakes for Africa regarding remittances. They often serve as lifelines but remain costly and inefficient.

Small businesses also struggle with cross-border trade settlements due to high friction. Regulators face increasing complexity in balancing openness with oversight.

The seminar will conclude today, May 13, 2025. The Governor encouraged everyone to engage in open and critical dialogue moving forward.