Governor of the Bank of Ghana (BoG), Dr Johnson P. Asiama, has issued a strong call to the country’s financial institutions to urgently modernise their systems, embrace open banking, and embed strong data governance into their operations, warning that only banks that innovate with speed, integrity, and trust will thrive in the new digital financial ecosystem.
Speaking at the 42nd Annual General Meeting of the Ghana Association of Banks (GAB) and the launch of the GH Bankers’ Voice Magazine in Accra, Dr Asiama said the business of banking in Ghana and across Africa is being reshaped not just by regulation, but by technology, customer expectations, and emerging risks.
“The banks that will succeed are those that act with speed and integrity, modernise their infrastructure, embed trust into every interaction, and design experiences around real customer needs,” he said. “These shifts are not theoretical; they are happening now.”
Digital transformation now defines banking
The BoG Governor highlighted that digital acceleration has become the core of financial services, with Ghana witnessing a record GH₵300 billion in digital transaction volumes in 2024 — over 60% of the country’s GDP.
“Customers now expect instant settlement, seamless interoperability, and 24/7 service availability. Digital is no longer an add-on to banking; it is banking,” Dr Asiama stressed.
He pointed out that with over 60% of Ghanaians under 35 years, the customer base is becoming increasingly digital-native, demanding personalised, borderless, and mobile-first banking experiences.
For the young Ghanaian, banking is not a destination; it is an experience that follows them everywhere,” he observed.
Technology redefining risk and trust
Dr. Asiama underscored that the evolution of artificial intelligence (AI), tokenisation, and open APIs is transforming credit management, compliance, and fraud detection.
However, he cautioned that while these technologies promise speed and precision, they also raise critical questions about algorithmic bias, transparency, and ethics.
“The infrastructure of trust is being redefined,” he explained. “Cyber resilience, third-party risk management, and operational soundness are now as critical as capital adequacy.”
He said the era of open banking — where customers control how their financial data is shared between banks and fintechs — demands robust standards for privacy, consent, and cybersecurity.
The BoG’s digital vision
Outlining the Bank of Ghana’s strategic direction, Dr Asiama said the central bank is building the architecture for a safe, open, and innovative financial system that is globally competitive but locally grounded.
“It is now a standalone goal of our enterprise strategy. We are developing a comprehensive Digitalisation Strategy to guide how the Bank itself uses technology and data to serve the system more effectively,” he said.
He revealed that a dedicated BoG team will soon engage the Ghana Association of Banks and individual banks to incorporate their perspectives into the central bank’s Digitalisation Strategy “from the very beginning.”
The Governor said the transformation agenda rests on four key pillars: Infrastructure Innovation, Regulatory Innovation, Market Development and Financial Deepening, and Risk and Trust Innovation.
Infrastructure innovation: Future-proofing payments
Under the first pillar, Dr. Asiama said the Ghana Interbank Payment and Settlement Systems (GhIPSS) is upgrading instant payment and QR code platforms to support multi-currency interoperability.
The eCedi pilot project has also advanced into its next phase, testing retail and wholesale use cases that link banks, fintechs, and telcos on one secure digital platform.
“These are not isolated experiments,” he explained. “They are part of a deliberate plan to future-proof our payments ecosystem and keep Ghana at the forefront of digital financial inclusion.”
From sandboxes to digital assets
Dr. Asiama disclosed that the BoG’s regulatory sandbox has tested over 20 fintech solutions, including cross-border remittances and digital micro-insurance products.
Working with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), the Bank of Ghana has finalised a cryptocurrency regulatory bill, which will be submitted to Cabinet by December 2025, placing Ghana among the first African countries to prudently regulate digital assets.
He added that new Digital Lending Guidelines and an Open Banking Framework — currently in the proof-of-concept stage — will set clear standards for data consent, privacy, and cybersecurity between banks and fintechs.
Dr. Asiama encouraged all banks involved in the ongoing Proofs of Concept (PoCs) — covering open banking, tokenised payments, FX tracking, and digital ID pilots — to engage “deeply and proactively” to fast-track adoption.
Deepening markets and strengthening financial intermediation
The BoG, he noted, is also focused on connecting financial innovation to real economic value. It is collaborating with the Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk-sharing facilities.
Ghana’s banking infrastructure is also being aligned with continental systems such as the Pan-African Payment and Settlement System (PAPSS) to enable cross-border payments in local currencies.
To enhance market efficiency, the BoG — with IMF support — has launched a structured FX operations framework to improve price discovery and rebuild reserves.
Key reforms include revising Net Open Position (NOP) limits to stimulate interbank activity and adopting ISO 20022 messaging standards to modernise compliance and real-time payments.
Building trust through cyber resilience and ESG
Under the “Risk and Trust” pillar, the BoG is investing in AI-driven supervisory tools and establishing a Cyber Threat Intelligence Platform for banks and fintechs to share threat data in real time.
He said operational resilience and third-party risk management have become as critical as traditional balance-sheet indicators. “Cyber maturity is now a measure of institutional soundness,” he noted.
The Bank is also piloting an ESG and Climate-Risk Reporting Template to embed sustainability into credit and investment decisions. “Innovation without trust will not endure, but prudence must never again be an excuse against innovation,” he declared.
The new competencies for banks
Dr. Asiama said the next generation of leading banks will be defined not by size, but by four new competencies — digital integration, data intelligence, inclusive finance, and customer-centric design.
Digital Integration: “Be API-ready. Integrate seamlessly with fintechs and telcos. Migrate local card transactions onto domestic settlement rails to reduce FX exposure.”
Data Intelligence: “Use data responsibly. Ensure boards approve ethical AI and model-risk governance frameworks.”
Inclusive Finance: “Invest in systems that extend credit to underserved groups through alternative data and responsible AI.”
Customer-Centric Design: “Build trust through privacy, consent, and reliability. The best digital solution is one the customer barely notices — because it simply works.”
A call for imagination and collaboration
Dr. Asiama concluded with a call to action, urging banks to match the courage that stabilised the system with the imagination needed to transform it.
“The next decade will not belong to the biggest balance sheets,” he said. “It will belong to the boldest learners — those who adapt fastest, collaborate deepest, and innovate safest.”
He reaffirmed the Bank of Ghana’s commitment to walk with the industry “as regulator, collaborator, and catalyst for innovation.”
“We cannot manage tomorrow’s challenges with yesterday’s tools. We must build a system that is both stable and transformative — one where prudence and innovation walk hand in hand, and where Ghana’s banks are recognised not just for resilience, but for creativity, inclusiveness, and global competitiveness.”
