BoG Governor Calls for Seamless Cross-Border Payments to Drive AfCFTA Success
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, has underscored the critical role of efficient cross-border payment and digital finance systems in unlocking the full potential of Africa’s single market under the African Continental Free Trade Area (AfCFTA).
Delivering a keynote address at the African Prosperity Dialogue (APD) 2026 in Accra, on his behalf, the Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, said trade agreements alone cannot guarantee increased intra-African trade without reliable, affordable and secure payment systems.
Speaking at the Accra International Conference Centre on the theme “Cross-Border Payments and Digital Finance Systems in Africa,” Dr. Asiamah noted that payments are strategic trade infrastructure, essential for monetary stability, financial integration and long-term economic transformation across the continent.
He highlighted that despite Africa’s economic potential, cross-border payments remain costly, slow and fragmented, with transaction costs for intra-African payments averaging between 7 and 10 percent, far above the global average of about 3 percent. Settlement periods, he added, can take several days or even weeks.
According to the Governor, over 80 percent of intra-African payments are routed through correspondent banks outside the continent, mostly in foreign currencies, costing Africa an estimated US$5.3 billion annually and exposing economies to foreign exchange risks.
However, he stressed that AfCFTA, which represents a market of over 1.5 billion people with a combined GDP of about US$2.8 trillion, presents enormous opportunities if supported by efficient payment systems. He said intra-African trade could double in the medium term if payment infrastructure aligns with Africa’s trade ambitions.
Dr. Asiamah commended Africa’s leadership in digital finance innovation, noting that the continent hosts more than half of the world’s mobile money accounts. Ghana, he said, is a notable example, having built a modern, interoperable and resilient payment ecosystem that supports real-time transactions across banks, mobile money operators and fintechs.
He disclosed that Ghana is an active participant in the Pan-African Payment and Settlement System (PAPSS), which allows cross-border payments in local African currencies, reduces settlement times and lowers transaction costs for traders.
“Our vision is clear: African trade must increasingly be settled in African currencies, through African infrastructure, and supported by African institutions,” the Governor stated.
He outlined several initiatives being pursued by the Bank of Ghana, including fintech passporting in collaboration with the National Bank of Rwanda to enable cross-border licensing, the Africa Next-Generation Digital Public Infrastructure Initiative, and the recently passed Virtual Asset Service Providers Act to regulate emerging digital payment channels while ensuring consumer protection.
Dr. Asiamah emphasized that inefficient payment systems disproportionately affect SMEs, women and young entrepreneurs, who form the backbone of Africa’s economy, adding that removing these barriers would enhance competitiveness and expand opportunities across the continent.
He called for harmonised regulatory standards, strengthened digital public infrastructure, expanded cross-border mobile money services, improved SME payment acceptance systems and enhanced cybersecurity frameworks.
Concluding, the Bank of Ghana Governor said Africa’s single market would only become a reality when value moves seamlessly across borders, entrepreneurs trade without friction and innovation is backed by trust and strong institutions.
He reaffirmed the Bank of Ghana’s readiness to collaborate with partners to transform cross-border payments from a constraint into a catalyst for Africa’s shared prosperity.
