Digital payments and Fintech: Gaps in regulation, cybersecurity continue to hold back safe and inclusive adoption in Africa - Asiama

Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, addressed fellow African central bank governors at the 2026 African Caucus Meeting, held in conjunction with the IMF Managing Director. He emphasized that the next big shift is Artificial Intelligence (AI), urging Africa to lead its development rather than merely adopting it.

Dr Asiama stated that while Africa has made significant strides in digital payments and fintech, gaps in regulation, cybersecurity, infrastructure, and financing persist, hindering safe and inclusive adoption. Bridging these gaps necessitates stronger partnerships to build Africa's capacity to govern AI, amplify the continent's voice in shaping global digital rules, and secure affordable financing for robust digital infrastructure.

The ultimate aim is for AI to serve Africans, fostering resilience, job creation, and inclusive growth.

Later, in Thailand, Dr Asiama informed investors that Ghana has made substantial progress. He highlighted that the country's economic policymakers are dedicated to maintaining the policy discipline that fosters confidence in the economy. During discussions with institutional investors, brokers, and fund managers at the 2026 IMF/World Bank Annual Meetings, Dr Asiama outlined Ghana's economic outlook and the measures taken to ensure long-term stability.

Inflation has plummeted from 23.8% at the end of 2024 to a more manageable 5.2% in September 2026, a result of a cumulative policy rate cut of 1,400 basis points, bringing the rate down to 14%. These improvements create a more stable environment for investment, business planning, and growth.

Moody's recently upgraded Ghana's sovereign credit rating from Caa1 to B3, with a stable outlook, on October 9th, recognizing the country's progress. The credit agency cited enhanced financing conditions, reduced borrowing costs, and sustained fiscal discipline, aided by institutional improvements. Dr Asiama acknowledged that investors require confidence in the consistency of policies and the robustness of the economy.

The Bank of Ghana remains committed to building reserves, strengthening institutions, and maintaining macroeconomic stability. The central bank continues to closely monitor global developments, such as fluctuations in the US dollar, gold prices, financing conditions, and Middle East tensions, as it prepares for the Monetary Policy Committee's November decision.

The bank's primary responsibility is to maintain Ghana's progress through credible policy and consistent action, creating a conducive environment for long-term investment and enduring economic opportunities.