Artificial intelligence, digital payments and fintech innovation are rapidly redrawing the architecture of central banking, forcing monetary authorities to rethink how they regulate markets, manage financial stability and transmit policy across increasingly digital economies.
The Governor of the Bank of Ghana, Johnson Pandit Asiama, is warning that the accelerating transformation of financial systems is creating both major opportunities and new systemic risks for central banks, particularly across emerging markets.
Speaking at the ACI World Congress 2026 in Accra, he noted that while innovation is accelerating across global financial systems, central banks must continue to safeguard price and financial stability, maintain trust in monetary institutions, and ensure that technological change is managed in a “responsible and inclusive” manner.
He observed that emerging markets, particularly in Africa, face a dual challenge of modernising financial infrastructure while strengthening regulatory oversight. According to him, the current phase of financial transformation presents both “tremendous opportunity” and complex policy considerations for regulators.
Johnson Asiama said the Bank of Ghana has been actively restructuring its institutional framework to respond to emerging risks in the digital financial ecosystem, including artificial intelligence applications and virtual asset activities. He disclosed that new supervisory structures have been introduced to enhance oversight of digital innovation and to improve visibility over stablecoins and related instruments, with a focus on “greater visibility” and risk containment.
He further indicated that the central bank has strengthened its payment systems architecture and fintech oversight capacity in recent years, noting that Ghana’s financial sector initially lagged in fintech development but has since made significant progress through targeted institutional reforms, including the establishment of a dedicated payment systems function and expanded regulatory engagement with market players.
On financial integration across Africa, the Governor stressed that interoperability of payment systems remains critical to regional trade and economic expansion. He described intra-African transaction costs as disproportionately high, noting that it is often said that it is “cheaper to send money across oceans than within the subregion,” underscoring the urgency of harmonised payment systems and settlement frameworks.
He said ongoing initiatives at both national and regional levels, including work with continental financial institutions and central bank networks, are exploring digital solutions and sandbox environments to facilitate cross-border payment connectivity and reduce fragmentation in financial infrastructure.
Johnson Asiama also highlighted the importance of regulatory sandboxes as a mechanism to balance innovation with financial stability. He said the central bank’s approach is to “regulate the risk, not the technology,” allowing innovation to develop within controlled environments while safeguarding systemic stability. He added that Ghana is promoting innovation hubs and exploring a sub-regional sandbox framework to support coordinated learning and policy alignment among African regulators.
Addressing concerns about trust in digital financial systems, he said confidence in the financial ecosystem must be built jointly by regulators, market participants, and investors. He emphasised that maintaining credibility remains crucial to the effectiveness of monetary policy, particularly in anchoring inflation expectations and promoting macroeconomic stability.
He also pointed to recent efforts by the Bank of Ghana to deepen stakeholder engagement, including structured consultations with fintech operators and financial institutions, aimed at improving coordination and aligning regulatory expectations with market realities.
The Governor further emphasized the need to expand digital public infrastructure that is interoperable, competitive, and inclusive. He noted that financial inclusion efforts must go beyond access to banking services and address structural disparities, particularly in regions with limited physical financial infrastructure.
He further underscored the importance of resilience in financial systems, citing cybersecurity risks and the need for coordinated sector-wide responses. He said the central bank is strengthening supervisory capacity, training, and peer learning mechanisms to enhance regulatory preparedness in a rapidly evolving digital environment.
Johnson Asiama said that while innovation remains central to financial sector development, central banks must continue to prioritise their core mandates of price stability, financial stability, and macroeconomic discipline, describing the task as a continuous balancing act between “multiple moving objectives” in an increasingly complex financial landscape.
