Bank of Ghana Governor Calls for Continental Coordination to Boost Digital Finance and Trade in Africa
Dr. Johnson Asiama, Governor of the Bank of Ghana, has stressed the importance of scaling digital assets and payment solutions to enhance financial inclusion and promote intra-African trade. Speaking at the 3i Africa Policy Forum, he emphasized that while national efforts like innovation hubs and regulatory sandboxes are advancing, continental coordination is essential to fully realize the potential of digital finance in Africa. He highlighted that harmonizing regulatory frameworks and improving financial infrastructure interoperability are critical to achieving the vision of a unified African market under the African Continental Free Trade Area (AfCFTA).
Despite national initiatives showing positive progress, Dr. Asiama noted that these efforts are not enough to fully address the challenges of digital transformation across the continent. He underscored the need for greater collaboration between African nations to build trust and ensure transparency in cross-border financial systems. The Governor called for actionable strategies to accelerate the adoption of digital finance and expand its reach across underserved communities, especially in remote regions where fintech solutions are making significant strides.
At the same forum, Vitaliy Kramarenko, Deputy Director of the African Department at the International Monetary Fund (IMF), also addressed the challenges faced by the continent in terms of digital infrastructure. He urged African policymakers to prioritize investments in key areas like electricity access, internet connectivity, and interoperable digital systems. Kramarenko pointed out that many countries in Sub-Saharan Africa still face significant barriers, with only half the population having access to electricity and about a third with internet access.
The Forum also reflected on the outcomes of the 2024 3i Africa Summit, with the aim of translating these discussions into executable strategies. Key stakeholders from policy, finance, and technology sectors gathered to push for actionable initiatives that would foster the development of a more connected and resilient African digital economy. The event highlighted the importance of public-private partnerships in overcoming infrastructure constraints and scaling digital finance initiatives across the continent.
As the second edition of the Africa Policy Forum concluded, the call for a unified approach to digital transformation in Africa became even more urgent. Participants agreed that only through collective action and investment in digital infrastructure can Africa unlock its full economic potential, strengthen regional integration, and become a leader in global digital finance.
Source: Citi newsroom