Bank of Ghana charts new course for inclusive payment systems

The Bank of Ghana has begun consultations on a new five-year national payment systems strategy aimed at deepening inclusion in digital finance, First Deputy Governor, Dr. Zakari Mumuni, has disclosed.

Delivering opening remarks at the National Payment Systems Workshop in Accra, Dr. Mumuni said the new draft strategy for 2025–2029 would build on Ghana’s achievements in digital payments while addressing emerging challenges in the financial technology ecosystem.

He noted that the previous National Payment Systems Strategy (2019–2024) had modernised the country’s payments infrastructure, expanded digital channels, and strengthened regulatory frameworks that encouraged innovation and trust.

“These collective efforts have enhanced access, empowered consumers, and positioned Ghana as one of Africa’s leaders in payment systems development,” he stated.

Dr. Mumuni said the next phase would focus on resilience, inclusiveness, and global competitiveness as Ghana transitions to a new digital economy.

“This represents not just continuity, but transformation. It is an opportunity to reimagine our payment systems for the next phase of Ghana’s digital economy, one that is more resilient, inclusive, and globally competitive,” he emphasised.

He highlighted growing global trends such as tokenisation, virtual assets, and open banking, which are redefining value exchange and competition in the financial sector.

While these technologies offer efficiency and convenience, he cautioned that dominant digital platforms also raise concerns about market fairness, inclusiveness, and financial stability.

To counter such risks, Dr. Mumuni urged continued collaboration among regulators, fintech firms, banks, and development partners.

“We must not allow the rise in cybersecurity threats and online fraud to erode the considerable progress we have made. Together, we possess the capability and resilience to safeguard trust and integrity within the digital financial ecosystem,” he said.

He commended the Bank of Ghana’s internal team and sector partners for their contributions to the review of the 2019–2024 strategy and the development of the new draft.

The workshop, he said, would serve as a platform for open dialogue, reflection, and refinement of priorities to ensure the strategy remains responsive to the fast-evolving payment environment.

He officially declared the stakeholder workshop open and encouraged participants to share ideas that advance the shared vision of secure and accessible payment systems.