The Bank of
Ghana has hosted a landmark gathering of African financial leaders to address
critical challenges in cross-border payments and digital currency development.
The IMF Sub-Saharan Africa Central Bank Network seminar, held at the newly
inaugurated Bank Square headquarters, brought together governors, regulators,
and international partners to advance solutions for remittance efficiency,
regulatory compliance, and financial system interoperability.
Bank of Ghana
Governor Dr. Johnson P. Asiama opened the two-day event by emphasizing Africa's
urgent need to modernize payment infrastructure. "While digital
innovation accelerates across our continent, cross-border transactions remain
hampered by high costs, slow processing, and fragmented systems," he
noted. The seminar marks a strategic shift from theoretical discussions to
actionable collaboration among Africa's monetary authorities.
Key initiatives
took center stage, including Ghana's leadership in the Pan-African Payment and
Settlement System (PAPSS), which now connects 15 central banks and over 50
commercial banks. Governor Asiama highlighted parallel efforts with Rwanda to
develop a FinTech License Passporting Framework and NextGen Digital Payment
Infrastructure – solutions designed to reduce reliance on non-African clearing
systems while strengthening regional financial sovereignty.
Innovative
approaches gained traction, including multi-regulator sandboxes for testing
cross-border solutions and SupTech tools for real-time compliance monitoring.
Participants stressed the need for African voices in shaping global digital
finance standards to ensure they reflect the continent's unique economic
contexts and consumer protection requirements.
"The human
impact drives our work," Governor
Asiama reminded attendees, citing small businesses needing seamless trade
payments and families dependent on affordable remittances. With PAPSS
processing its first transactions and several CBDC pilots underway, the seminar
concluded with commitments to transform dialogue into concrete interoperability
protocols – a critical step toward realizing the AfCFTA's promise of integrated
African markets.
The Accra
meeting establishes a blueprint for collaborative action ahead of the Network's
next assembly, with participating central banks pledging to finalize joint
testing frameworks by Q3 2025. As digital payment volumes in Africa are
projected to exceed $1 trillion by 2027, such coordinated efforts could
redefine financial inclusion across the continent's 54 markets.
By: Nana Appiah Acquaye
