The Bank of Ghana says it is shifting its regulatory strategy beyond supervising individual banks to protecting the entire digital financial ecosystem, as rapid advances in artificial intelligence, cloud computing and digital payments reshape the country’s financial sector.
Governor Dr Johnson Pandit Asiama said financial stability can no longer be measured solely by the strength of banks, but also by the resilience of the technology providers, payment systems, telecommunications infrastructure and digital platforms that keep the financial system running.
He said the increasing interconnectedness of financial services means that even a well-capitalised bank can become vulnerable if a shared technology provider, payment network or critical telecommunications service fails.
“A bank may be financially sound and still be vulnerable to the failure of a shared technology provider, a payment network or a critical telecommunication service,” he said.
The Governor revealed that Ghanaians transferred GH¢493.20 billion through mobile money in April 2026 alone, completing 967 million transactions. Active mobile money accounts reached 26 million and were supported by more than 534,000 active agents, while the GhIPSS Instant Pay platform processed an additional GH¢79 billion.
He added that the number of point-of-sale terminals had increased from just over 16,000 a year earlier to more than 23,000, reflecting the country’s accelerating shift towards digital payments.
Dr Asiama said the widespread use of third-party technology providers, cloud infrastructure and artificial intelligence raises important concerns about governance, accountability, data protection and systemic risk.
He stressed that the Bank of Ghana’s supervisory approach is evolving from monitoring capital adequacy and liquidity alone to ensuring the confidentiality, integrity and availability of the data that powers the economy.
Outlining the central bank’s priorities, Dr Asiama said modernising financial infrastructure, strengthening the regulatory framework and enhancing supervisory resilience are essential to building a more secure banking sector.
He disclosed that Ghana’s Open Banking project has reached an advanced stage and will allow secure financial data sharing, subject to customer consent, to encourage competition, innovation and greater consumer choice.
The Governor also said the Bank of Ghana is continuing work on the e-Cedi, exploring its use for wholesale payments and cross-border transactions as a complement to the country’s existing real-time gross settlement system.
On regulation, Dr Asiama announced that the central bank has completed a Digital Banking Framework and comprehensive draft guidelines, which are now ready for stakeholder consultation. The framework is expected to provide the regulatory foundation for the next phase of digital banking in Ghana.
He also noted that Parliament passed the Virtual Asset Service Providers Act, 2025 (Act 1154) in December 2025, creating the country’s first formal legal framework for virtual asset activities. The Bank of Ghana and the Securities and Exchange Commission are now developing licensing requirements and implementation guidelines to operationalise the law.
“A financial ecosystem is only as strong as its weakest link, and a shield built around part of the sector is not a shield,” he said.
Dr Asiama urged banks, fintech companies and other financial institutions to match technological innovation with stronger governance, cybersecurity, risk management, consumer protection, talent development and accountable leadership.
“When technology advances faster than governance, opportunity can quickly become concentrated risk,” he warned.
He also stressed that no digital platform, regardless of its sophistication, can replace sound judgement, ethical leadership or strong corporate governance.
According to the Governor, the adoption of new technologies will no longer be assessed solely on speed, convenience or market share, but increasingly on resilience, governance and accountability.
He said that as Ghana’s digital finance ecosystem continues to expand, the next regulatory challenge will not simply be about who holds a banking licence, but also about who controls data, manages operational risks, protects consumers and remains accountable when digital systems fail.
His message underscored the Bank of Ghana’s determination to ensure that innovation continues to expand financial inclusion while maintaining the trust, resilience and stability of the country’s financial system.
