The Second Deputy Governor of the Bank of Ghana (BoG), Mrs. Matilda Asante-Asiedu, has stated that as Africa progresses in the implementation of the African Continental Free Trade Area, one fact has become increasingly evident: trade agreements by themselves do not generate trade; rather, it is payments that enable trade to occur.
Without secure, affordable, and dependable methods for transferring value, she stated, the vision of a genuinely integrated African market cannot be realized. Payment systems serve as crucial trade infrastructure, vital for monetary stability, financial integration, and long-term economic transformation throughout our continent.
Speaking at the African Prosperity Dialogue (APD) 2026 on the topic of “cross-border payments and digital finance systems in Africa,” held in Accra on Wednesday, February 4, she remarked on the challenges and opportunities of cross-border payments in Africa. Despite the continent’s vast economic potential, cross-border payments continue to be costly, slow, and disjointed.
“Transaction costs for intra-African payments frequently surpass 7 to 10 percent, in contrast to a global average of around 3 percent. Settlement durations can range from days to weeks. Over 80 percent of intra-African payments are processed through correspondent banks located outside the continent, primarily in foreign currencies.
“This results in an estimated annual cost of US$5.3 billion for Africa and exposes our economies to foreign exchange risks. Nevertheless, within these challenges lie significant opportunities. The AfCFTA unites a market of over 1.5 billion individuals and a collective GDP of roughly US$2.8 trillion,” she noted.
If fully realized, she continued, intra-African trade could potentially double in the medium term. However, this growth will only occur if our payment systems align with Africa’s trade aspirations.
“Fortunately, Africa has already exhibited global leadership in digital finance innovation. With more than half of the world’s mobile money accounts, the continent has demonstrated how technology can enhance financial inclusion and transform lives, with Ghana serving as a prominent example. Digital finance has become essential for households, microenterprises, women, and underserved communities.
Nevertheless, a significant portion of this advancement remains focused on domestic issues rather than continental ones. In order for digital finance to truly empower Africa’s single market, inclusion must transcend borders – extending beyond just the internal confines.
In Ghana, Mrs. Asante-Asiedu further stated, “We have intentionally developed a modern, interoperable, and resilient payment ecosystem. Investments in digital public infrastructure have facilitated interoperability among banks, mobile money operators, and fintech institutions, thereby supporting real-time payments throughout our economy.”
These domestic achievements lay a solid foundation for regional integration, she remarked.
“Ghana actively participates in the Pan-African Payment and Settlement System – PAPSS, which allows for cross-border payments in local African currencies, reduces settlement chains, and decreases costs for African traders.
Our vision is explicit and intentional: African trade must increasingly be conducted in African currencies, utilizing African infrastructure, and backed by African institutions. Central banks are crucial in promoting innovation while ensuring financial stability and public trust.
“At the Bank of Ghana, we are progressing with key initiatives, including:
• Fintech Passporting, in collaboration with the National Bank of Rwanda, to facilitate cross-border licensing and regulatory trust. This is a scalable solution for the entire continent.
• Our Africa Next-Generation Digital Public Infrastructure Initiative is exploring multilateral interoperability frameworks, settlement models, and prospective cross-border digital currency arrangements.
• The Virtual Asset Service Providers Act, which was recently enacted by Ghana’s parliament, aims to support emerging digital payment channels while ensuring robust consumer protection and risk management.
“These initiatives acknowledge that payment systems are essential national and continental infrastructure that necessitate strong cybersecurity, regulatory coordination, and reliable governance frameworks.
