BoG Governor Embraces Digital Finance Revolution

The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has issued a strong caution to central banks across Africa, urging them to embrace bold digital transformation or risk becoming obsolete in the rapidly evolving global financial ecosystem.

Speaking at the maiden Bank of Ghana–Bank of England Pan-African Central Bank Governors’ Conference in Accra, Dr. Asiama emphasized that the swift rise of digital finance, artificial intelligence (AI), and advanced payment systems is reshaping the nature of central banking.

“We are facing unprecedented and unique pressures that demand a radical shift in operations, focus, and capability. We must adapt swiftly and boldly or risk losing relevance” he told a high-level gathering of central bank governors and financial leaders from 23 countries.

The conference, themed “Central Bank Governance: Leadership, Credibility, and Resilience in African Central Banking,” aimed to chart a course for African central banks to remain effective, credible, and resilient amid digital disruption and global volatility.

Digital Transformation Challenge

According to Dr. Asiama, while the fundamental roles of central banks ensuring price stability, maintaining financial soundness, and promoting economic growth remain intact, the environment in which these mandates are executed has changed dramatically.

“The rapid adoption of technology, AI, and digital payment systems is putting pressure on how the central bank ensures safety and control. The context in which we execute our mandate is evolving rapidly” Dr. Asiama

His comments come at a time when digital finance is expanding at an exponential rate across Africa. Mobile money platforms, fintech innovations, and cross-border payment systems have revolutionized financial inclusion but also created new regulatory and operational challenges.

The BoG Governor warned that if central banks do not modernize their systems and adopt data-driven decision-making tools, they could lose control over monetary policy effectiveness and financial stability.

Dr. Asiama also addressed growing concerns over the impact of artificial intelligence on financial systems.

He noted that AI-driven algorithms are increasingly influencing credit scoring, fraud detection, and even investment decisions in areas that were once tightly controlled by traditional financial institutions.

“There is a growing risk that technology will outpace regulation, leaving central banks struggling to maintain stability and trust,” he cautioned.

The Governor stressed the need for collaboration between policymakers, fintech innovators, and regulators to design robust frameworks that can manage the complexity of emerging technologies while ensuring consumer protection and systemic stability.

He also urged African regulators to be proactive in exploring Central Bank Digital Currencies (CBDCs) and other digital payment innovations. Ghana, he noted, has already made progress with the eCedi pilot, which is testing the potential of a government-backed digital currency to enhance financial inclusion and payment efficiency.

Beyond technology, Dr. Asiama underscored the growing leadership challenges central banks face in balancing their economic goals with political and public expectations.

“We are asked to deliver price stability, ensure financial soundness, and still support growth — all amid imperfect data and impatient citizens. At the same time, we operate in the crossfire of expectations: governments seeking growth, markets seeking signals, and the public seeking relief” Dr. Asiama

He described these competing pressures as “the new frontier of central bank governance,” requiring leaders who can combine technical expertise with visionary thinking and transparent communication.

The Governor emphasized that credibility and leadership resilience will be central to the survival of central banks in the digital era. “Our success will depend not only on how well we manage monetary policy, but on how quickly we adapt, innovate, and lead through change,” he noted.

Central Banking

The two-day conference, jointly hosted by the Bank of Ghana and the Bank of England, marks a milestone in the long-standing BoG–BoE Technical Cooperation Programme, which has supported capacity building and institutional development in African central banking.

Bringing together governors, deputy governors, and senior advisors from 23 central banks, the event provides a platform for peer learning, knowledge sharing, and strategic collaboration.

Discussions during the conference focus on how central banks can maintain credibility amid political pressure, strengthen governance frameworks, and integrate digital transformation into their operational models.

Officials from the Bank of England shared insights into how global financial regulators are tackling similar challenges from cryptocurrency regulation to AI ethics and cybersecurity resilience.

In concluding his address, Dr. Asiama reaffirmed the Bank of Ghana’s commitment to leading digital transformation across Africa’s financial sector. He cited Ghana’s achievements in payment system modernization, fintech regulation, and digital innovation as examples of what is possible with proactive governance.

“The future of central banking in Africa will depend on how we harness technology to build inclusive, efficient, and resilient financial systems. Digital finance is not a threat — it is an opportunity to deepen trust, expand access, and strengthen monetary credibility.”