At the ACI Financial Markets World Congress, Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, took the stage, his eyes set on a horizon of possibility for Africa’s economic future. With leaders, innovators, and investors gathered around, he painted a vivid picture of a continent on the cusp of transformation while also outlining the hurdles that still stood in the way.
Dr Asiama began by recounting the strides Africa has made in regional trade. Yet, he lamented, the systems that move money across borders remain fragmented and inefficient. “It is cheaper,” he remarked with a touch of irony, “to send money across oceans than to send it to a neighbouring African country.” The cost and complexity of cross-border payments, he argued, threaten to stifle trade and limit opportunities for millions.
The Governor’s vision was clear: Africa needed an integrated payment and settlement system—a digital backbone that would connect the continent, support trade, deepen financial inclusion, and fuel economic growth. Achieving this, he stressed, was essential to realizing the promise of the African Continental Free Trade Area (AfCFTA).
Dr Asiama shared how the Bank of Ghana, in partnership with AfCFTA and other stakeholders, is exploring digital innovations such as stablecoins to tackle cross-border payment challenges. These efforts, he explained, are being nurtured in regulatory sandboxes, safe spaces where new technologies can be tested and refined before being scaled up.
But the journey was not Ghana’s alone. Across the continent, central banks are joining forces to harmonise regulations, enhance payment systems, and share knowledge on emerging technologies. Dr Asiama highlighted the 3i Africa Summit, a collaborative platform bringing together central bank governors, innovators, and investors to drive financial sector development.
Still, the Governor cautioned, innovation must be carefully balanced with financial stability and consumer protection. “Do not regulate the technology, but regulate the risk,” he advised, urging regulators to work alongside innovators rather than standing in their way.
As the fireside chat drew to a close, Dr Asiama’s optimism was infectious. With greater collaboration among regulators, innovators, and investors, he believed Africa could build a resilient and inclusive financial system, one capable of supporting sustainable growth and prosperity for all.
Source: Apexnewsgh.com