Governor of the Bank of Ghana, Dr. Johnson Asiama, is advocating the need to scale digital assets and payment solutions to boost financial inclusion and intra-African trade, in line with the African Continental Free Trade Area (AfCFTA).
Speaking at the 3i Africa Policy Forum, while national initiatives like innovation hubs and regulatory sandboxes are making progress, he noted that broader continental coordination is critical.
“Across the continent, the signs of progress are encouraging. Fintech is bridging access gaps, particularly for underserved and remote communities. Cross-border digital payments are gaining traction, promising to ease trade frictions and accelerate regional commerce. But as promising as these national initiatives are, they are not enough” he insisted.
“To fully realise the vision of One Africa, One Market, we must scale our efforts through continental coordination. This means harmonising regulatory frameworks, fostering interoperability across financial infrastructures, and building trust and transparency across jurisdictions. No single institution, no matter how well-resourced, can drive this transformation alone.”
He also called for the urgent translation of ideas into executable strategies to accelerate digital finance across the continent.
“Today’s Forum builds on the momentum generated at the 3i Africa Summit held here in May 2024. It convenes the very leaders in policy, regulation, finance, and technology who are shaping Africa’s digital transformation. Our purpose is not merely to reflect on that Summit’s outcomes, but to translate them into clear, executable strategies,’ he said.
Deputy Director of the African Department at the International Monetary Fund (IMF), Vitaliy Kramarenko, also urged African policymakers to accelerate the development of digital infrastructure, foster financial innovation, and deepen regional trade integration to build a more connected and resilient continental economy.
He stressed the importance of strategic investments in electricity access, internet connectivity, and interoperable digital systems as foundations for Africa’s digital transformation.
“Only half of the population in Sub-Saharan Africa has access to electricity. Internet penetration is about 33%. These are major constraints that must be addressed to drive further advances in digitalisation,” he said, adding that public-private partnerships are essential to scaling up critical infrastructure.
The second edition of the Africa Policy Forum which brought together key policymakers, regulators, investors, and innovators to chart actionable strategies for Africa’s digital economic transformation was held under the theme “One Africa, One Market: Driving Innovation, Investment, and Impact for a Connected Future.”
