At the ongoing African Prosperity Dialogue (APD) 2026 at the Accra International Conference Centre, the central bank has emphasised the pivotal role of cross-border payment systems and digital finance in advancing African trade and economic integration.
Delivered on behalf of the Bank of Ghana Governor, Dr. Johnson Pandit Asiama, by Second Deputy Governor Matilda Asante-Asiedu, the keynote address highlighted both the opportunities and challenges facing intra-African trade in the context of the African Continental Free Trade Area (AfCFTA).
The speech underscored that while Africa has vast economic potential, trade agreements alone do not facilitate transactions—payment systems do.
Currently, cross-border payments in Africa remain costly, slow, and fragmented, with transaction fees often exceeding 7–10 percent compared with the global average of 3 percent.
Most payments are routed through correspondent banks outside the continent, mainly in foreign currencies, costing Africa an estimated US$5.3 billion annually and exposing economies to exchange rate risks.
Despite these hurdles, Dr Asiama pointed to significant opportunities. AfCFTA provides a market of over 1.5 billion people with a combined GDP of roughly US$2.8 trillion. If effectively implemented, intra-African trade could double in the medium term, provided that payment infrastructure matches the continent’s trade ambitions.
The example was highlighted as a model of digital finance innovation, with interoperable domestic payment systems across banks, mobile money operators, and fintech institutions supporting real-time transactions.
Ghana is also a key participant in the Pan-African Payment and Settlement System (PAPSS), which facilitates cross-border payments in local currencies, shortens settlement times, and reduces costs for traders.
The Bank of Ghana further promotes regional integration through initiatives like fintech passporting, collaboration on multilateral digital infrastructure, and implementation of the Virtual Asset Service Providers Act to ensure emerging digital payment channels operate with strong oversight and consumer protection.
The address stressed the transformative potential of efficient digital payments for inclusive growth. SMEs, women, and youth—who dominate informal cross-border trade and digital entrepreneurship—are disproportionately affected by high transaction costs.
Streamlined payment systems, harmonised regulatory standards, and enhanced digital infrastructure were highlighted as key priorities to unlock economic opportunities, strengthen competitiveness, and support financial inclusion across Africa.
The Governor concluded the speech with a call for deliberate innovation, cross-border collaboration, and robust institution-building.
By enabling value to move as seamlessly as ideas, supporting entrepreneurs to transact without friction, and ensuring trust in digital systems, cross-border payments can evolve from a bottleneck into a catalyst for shared African prosperity.
The Bank of Ghana reaffirmed its commitment to work with partners across the continent to achieve this vision.