The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, says while the country’s banking system has achieved stability, the next phase must focus on converting that stability into a springboard for technological transformation.
“Stability is not the destination. It is the launchpad,” he stated, adding that innovation must drive the next wave of Ghana’s financial development.
Dr. Asiama said this when he delivered the keynote address at the 42nd Annual General Meeting of the Ghana Association of Banks & launch of GH Bankers’ Voice Magazine in Accra.
He referred to the country’s financial system which had shown remarkable resilience in navigating macroeconomic imbalances, the COVID- 19 pandemic and the Domestic Debt Exchange Programme (DDEP). He attributed it to discipline, sacrifice and strong collaboration among banks, regulators, and industry leaders working together to restore confidence in the sector.
Recent data from BoG show that, as of August 2025, the banking sector remained on a firm footing. The capital adequacy ratio stands at 18.28%, well above the regulatory minimum. Non-performing loans have declined to 20.77% while deposits have grown by 17% year-on-year, despite a reduction in cedi balances due to currency appreciation.
Profitability has improved, with return on equity rising to 32.21% and return on assets increasing to 5.64%, compared to 31.36% and 4.94 % respectively in 2024.
Inflation has dropped sharply to 9.4% in September, its lowest in four years, down from 23.8% in December 2024, while the cedi has appreciated by 37% yearto-date as of October. Ghana’s gross international reserves now stand at US$10.7 billion, covering 4.5 months of imports.
“The true measure of central banking success is not only how we maintain stability, but how we transform that stability into a platform for innovation, inclusion, and growth,” he said.
Global shift
However, Dr. Asiama highlighted global trends shaping the future of banking, noting that digital acceleration was transforming the very core of financial services.
In Ghana alone, mobile money transactions exceeded GHC300 billion in 2024, equivalent to over 60% of gross domestic product (GDP). He noted that digital technology was no longer an add-on to banking but an integral part of it, as customers increasingly demand instant settlements, interoperability, and seamless digital experiences.
He explained that artificial intelligence, tokenization, and open banking are reshaping how financial institutions manage credit, compliance, and risk. While these technologies present enormous opportunities for speed and precision, they also raise important questions about ethical data use, algorithmic bias, and transparency.
The BoG said his outfit’s strategy was focused on building a safe, open, and innovative financial system capable of competing globally while reflecting Ghana’s realities.
He disclosed that the Bank was implementing a comprehensive digitalisation strategy, and had made innovation a core objective of its institutional reform agenda.
As part of ongoing efforts, the Ghana Interbank Payment and Settlement Systems (GhIPSS) is enhancing instant payments and national QR systems to support multi-currency interoperability. The eCedi pilot project has entered its next phase, testing both retail and wholesale use cases involving banks, fintechs, and mobile network operators.
He added that the Bank’s regulatory sandbox had already tested over 20 fintech solutions, ranging from cross-border remittances to digital microinsurance products. A cryptocurrency regulation bill, developed in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), has been finalised and is expected to be submitted to Cabinet by December 2025. This, he said, would place Ghana among the first African countries to formally regulate digital assets.
The Governor also announced that the Bank would soon issue digital lending guidelines to protect consumers while promoting fintech–bank partnerships. An Open Banking Framework, currently in its proof-ofconcept phase, is being developed to enable secure data sharing between banks and fintechs under clear privacy and cybersecurity standards.
