In the twenty-first century, financial systems across the globe are undergoing a profound transformation.
Central banks are no longer operating in silos, insulated from technological evolution.
They are now at the very core of this revolution, shaping the future of finance in a digital era.
In this context, the Bank of Ghana (BoG), one of Africa’s most respected central banks, faces a defining question: can it continue to lead without embracing fintech leadership at the highest level?
While the Governor, Dr. Johnson P. Asiama, and First Deputy Governor, Dr. Zakari Mumuni, are both well-grounded in macroeconomic and financial management, and Second Deputy Governor, Mrs Matilda Asante-Asiedu, brings valuable experience from media and traditional banking, none of them possesses a proven track record in financial technology (Fintech).
In a world where finance is driven by innovation, this gap in leadership focus must be addressed.
It is imperative, timely, and forward-looking for BoG to appoint a Deputy Governor specifically for Fintech.
A structural shift in financial transactions
One of the clearest indicators of the changing landscape of finance is the shift from paper-based instruments like cheques to digital transactions powered by mobile money, payment platforms, internet banking, and blockchain technologies.
In 2023, Ghana saw a 4.3% decline in the volume of inter-bank cheques cleared, continuing a downward trend that has been building for years.
While cheque values still increased by 15.5% to GH¢293.93 billion, the underlying message is clear: people and businesses are using cheques less frequently.
The volume of transactions cleared through the direct credit system also declined by 3.2% to 9.49 million.
Direct debit transactions fell by 10.9% in volume, although the value rose due to institutional payments.
Contrast this with the explosive rise in digital transactions.
GH¢3.019 trillion Mobile money transactions in 2024
Mobile money transaction value alone hit GH¢3.019 trillion in 2024, up from GH¢1.912 trillion in 2023—a staggering 57.9% increase year-on-year.
The volume of mobile money transactions soared from 5.07 billion in 2022 to 6.81 billion in 2023.
Mobile banking transaction value doubled from GH¢38.48 billion in 2022 to GH¢80.40 billion in 2023.
Internet banking transaction value also rose sharply to GH¢98.87 billion, marking a 22.9% jump.
These figures do not merely reflect a preference for convenience; they mark a systemic reorientation of Ghana’s financial ecosystem toward a digital-first approach.
BoG must not only adapt to this reality—it must lead it.
The Fintech imperative for central banking
Globally, central banks are redefining their core functions in response to technological disruption.
Traditional roles like monetary policy implementation, financial stability, and currency issuance are now intertwined with digital platforms, cybersecurity, data analytics, and the regulation of complex Fintech ecosystems.
Take, for instance, the emergence of Central Bank Digital Currencies (CBDCs).
Over 130 countries are now exploring or developing digital versions of their currencies.
China’s digital yuan, the Bahamas’ Sand Dollar, Nigeria’s eNaira, and Jamaica’s JAM-DEX are among the most advanced examples.
In Ghana, BoG is piloting its eCedi—an ambitious project designed to replicate the functions of cash in a digital form.
BoG, in partnership with the Monetary Authority of Singapore, recently concluded a successful pilot cross-border trade transaction using the eCedi and a Singaporean stablecoin.
This landmark initiative was part of Project DESFT (Digital Economy Semi-Fungible Token), aimed at facilitating low-cost international trade for MSMEs.
The future of such projects will be increasingly complex, requiring leadership that deeply understands blockchain, interoperability frameworks, cybersecurity, and decentralised financial systems.
Financial inclusion: Powered by Fintech
Financial inclusion remains one of Ghana’s most pressing development priorities.
With significant portions of the population unbanked, particularly in rural and peri-urban areas, mobile money has emerged as the de facto financial system for millions.
It allows users to send and receive money, pay bills, purchase insurance, access credit, and even save—all without ever setting foot in a bank.
Licensed Fintech companies totalled 53, ranging from Dedicated Electronic Money Issuers to Payment Service Providers (PSPs) across various categories.
This ecosystem is not just thriving—it is exploding with innovation.
Given this context, the absence of a Fintech voice at the apex of BoG’s leadership is a strategic weakness.
Financial inclusion policy decisions, digital infrastructure regulation, and innovation-driven supervision cannot be effectively handled as afterthoughts.
They require dedicated, expert leadership that understands the nuances, risks, and opportunities of Fintech.
Building trust in a digital economy
One of the biggest concerns in the digital financial ecosystem is trust.
Fraud, cybercrime, data breaches, and algorithmic bias are growing risks that regulators must address with a strong hand.
BoG has an oversight role in ensuring that Fintech products are not only accessible but also safe and transparent.
This includes issues like KYC compliance, interoperability standards, digital identity frameworks, and consumer protection mechanisms.
A Deputy Governor for Fintech would be tasked with not only strengthening the regulatory framework but also collaborating with industry stakeholders to create a trusted environment for innovation.
In addition, this role would allow BoG to stay ahead of the curve on emerging technologies such as artificial intelligence in credit scoring, biometric authentication, and programmable money.
Lessons from global central banks
Other central banks have already taken bold steps to integrate Fintech into their leadership structures.
Furthermore, global institutions like the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) have dedicated Fintech divisions, offering technical support, regulatory guidance, and research.
Ghana, as a Fintech trailblazer on the continent, should not lag in internal capacity at its central bank.
The future of sovereign money
BoG’s move into the CBDC space with the eCedi is commendable, but it must be managed proactively to avoid pitfalls.
A recent global survey revealed that nearly a third of central banks have delayed their CBDC issuance timelines, citing technical and adoption challenges.
The risk of launching a digital currency that no one uses is real. Case studies from China, Nigeria, and Jamaica underscore this point.
Equally important is the growing conversation around central bank crypto-currencies (CBCCs) and distributed ledger technologies (DLT).
While no central bank currently holds bitcoin in reserve, 11.6% of those surveyed believe cryptocurrencies are becoming a more credible investment. Meanwhile, 39.3% remain unsure.
The U.S. is already moving toward strategic reserves of digital assets.
With these global trends in mind, BoG needs to have a high-level leader who understands crypto policy, decentralisation, and the intersection of private and sovereign digital currencies.
This leader would not only support the design and implementation of the eCedi but also help position Ghana within the broader digital asset economy.
Why Fintech expertise cannot be outsourced
One might argue that BoG already has a payments systems department or can rely on consultants and external experts for technical input.
While such support is useful, it cannot substitute for internal leadership.
Decision-making on matters like licensing digital lenders, regulating cross-border digital remittances, or assessing algorithmic trading systems cannot be delayed or delegated to mid-level staff.
A Deputy Governor with Fintech expertise will bring the authority, experience, and strategic vision required to integrate these considerations into BoG’s overall governance.
Moreover, the symbolic value of such an appointment sends a clear message to the market: Ghana’s central bank is future-ready.
Ecosystem development and policy innovation
The Fintech industry in Ghana is still young, despite its rapid growth.
It requires an enabling environment supported by thoughtful policies, sandbox regulations, grant funding mechanisms, and capacity building.
A Deputy Governor focused on Fintech could champion these initiatives, ensuring that Ghana remains competitive in Africa’s fast-evolving digital finance landscape.
The potential to create new financial products for agriculture, education, health, and SMEs through Fintech is immense.
However, it needs high-level coordination between the public and private sectors—something that can only be achieved through intentional leadership.
A strategic role for the Deputy Governor (Fintech)
The proposed role should go beyond technical oversight.
It should be a strategic position anchored in three core pillars: innovation leadership, ecosystem regulation, and future-of-money policy.
This Deputy Governor would lead the implementation of the national Fintech strategy, coordinate with the Ministry of Finance and other regulators (such as the National Communications Authority), and represent Ghana in global Fintech policy forums.
They would also oversee digital currency experimentation, collaborate with academic institutions on R&D, and monitor systemic risks emerging from financial digitalisation.
The time is now
Ghana is at a turning point. With mobile money transactions surpassing the GH¢3 trillion mark, the emergence of CBDCs, and growing global interest in digital currencies, the need for visionary leadership in financial technology has never been greater.
Appointing a Deputy Governor for Fintech is not just about embracing innovation—it is about safeguarding financial stability, deepening inclusion, enhancing consumer protection, and preparing for a digital economic future.
The current structure of the Bank of Ghana does not reflect the reality of the times. That must change.
As other central banks chart bold new paths into the digital age, Ghana must not be left behind. The Fintech revolution is not coming. It is already here.
