BoG pushes for integrated African payment systems to boost trade - Dr Asiama
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has called for integrated payment and settlement systems across Africa to support trade, deepen financial inclusion and accelerate economic growth on the continent. He said that payment and settlement systems across the sub-region remained fragmented, making cross-border transactions expensive and inefficient. Dr. Asiama stated, "Someone says it is cheaper, for example, to send money across the oceans than it is to send money to another country within the sub-region."
Dr. Asiama spoke at a fireside chat on the future of monetary governance, digital transformation, interoperability and financial stability during the ACI Financial Markets World Congress in Accra. He said the Bank of Ghana was working with AfCFTA and other stakeholders to explore the use of stablecoins and other digital innovations to address cross-border payment challenges. Dr. Asiama noted that African central banks were increasingly collaborating to harmonise regulations, improve payment systems and share experiences on emerging financial technologies. The Bank of Ghana had also supported initiatives such as the 3i Africa Summit, which brought together central bank governors, innovators and investors across the continent to discuss innovation and financial sector development.
Dr. Asiama said the Bank of Ghana was promoting regulatory sandboxes and innovation hubs to provide controlled environments for financial technology firms to develop solutions while ensuring risks were properly managed. He said the central bank was also considering a sub-regional sandbox framework to enable African countries to learn together and coordinate innovation efforts.
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Dr. Johnson Pandit Asiama of the Bank of Ghana (BoG) has advocated for integrated payment systems across Africa. Fragmented systems make cross-border transactions inefficient- but what solutions are being explored?
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