BoG Governor urges Digital Finance Institutions to strengthen Africa’s Fintech Ecosystem

The Bank of Ghana (BoG) Governor, Dr. Johnson Pandit Asiama, has emphasised the growing role of digital finance in building a resilient fintech ecosystem.

In his keynote address at the opening of the 3i Africa Summit at Destiny Arena in Accra on 6 May 2026, the Governor said African fintech institutions must move beyond expanding access to delivering real value and measurable impact.

While noting that about 49 per cent of adults in sub-Saharan Africa now have digital financial accounts, he stressed that the focus should shift from access to scalability, efficiency, and meaningful use of financial services.

Dr. Asiama added that the next phase of digital finance will extend beyond basic payments to include digital credit, embedded finance, supply chain finance, and cross-border services, with particular attention to women, MSMEs, and the informal sector.

He identified key challenges such as market fragmentation, high transaction costs, and weak regulatory coordination, and called for stronger system connectivity and collaboration across markets and institutions.

The Governor also outlined steps the Bank has taken to support digital finance, including developing a framework for virtual assets, issuing digital credit guidelines, advancing open banking, and promoting cross-border fintech activity.

Meanwhile, Ghana’s Central Bank has also recorded a GH¢15.6 billion loss in 2025, but key economic indicators point to a strong and steady recovery.

According to the Bank of Ghana’s 2025 Annual Report and Financial Statements for the year ended December 31, the loss deepened from GH¢9.48 billion recorded in 2024, marking the fourth consecutive year the Bank has posted losses.

Previous losses stood at GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023, reflecting sustained financial pressure linked to policy interventions over the period.

The Bank attributed the 2025 loss largely to the cost of its aggressive monetary policy measures aimed at controlling inflation and stabilizing the economy.

Despite the loss, total operating income increased significantly to GH¢22.23 billion, supported by improved reserve management, higher fee income, and substantial proceeds from bullion gold sales.