ACCRA, Ghana – Dr. Johnson P. Asiama, Governor of the Bank of Ghana, today emphasized the critical need for inclusive innovation within Ghana’s financial sector, stating that the imperative to “bank the last mile” is now a strategic necessity rather than merely a moral or developmental objective. He made these remarks at the Ghana Association of Banks Thought Leadership Forum held in Accra on Tuesday, June 17, 2025.
Speaking on the theme “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance,” Governor Asiama highlighted the significant transformation in Ghana’s digital finance landscape. He noted that over 97% of digital transaction volumes and 72% of value are currently processed via mobile money platforms, with traditional bank digital channels accounting for less than 1% of volume.
This, combined with over 4 million Ghanaians accessing unsecured mobile loans outside traditional banking, indicates a structural shift where fintechs and telcos increasingly define financial access and consumer behavior.
While acknowledging Ghana’s robust digital payment infrastructure, including 24.2 million active mobile money accounts and GhIPSS’s role in interoperability, Dr. Asiama stressed that the next phase requires a shift from mere access to value and from connectivity to capability.
He cited Bank of Ghana surveys revealing low active usage of digital accounts for savings, credit, pensions, and insurance among low-income populations, women, and rural dwellers. This, he explained, necessitates designing relevant, inclusive financial products through industry-led strategies.
The Governor also addressed the stability of the Ghana cedi, assuring attendees that its recent performance is due to sound monetary policy, enhanced foreign exchange market transparency, and improved external sector fundamentals, rather than artificial interventions. He affirmed the Bank of Ghana’s commitment to a flexible exchange rate regime, supported by credible policy tools and vigilance against market shocks.
Dr. Asiama called for industry leadership in a shared ecosystem, focusing on reclaiming digital distribution through open infrastructure like API standardization, building a shared digital identity layer for seamless KYC and fraud mitigation, and fostering collaborative models for last-mile inclusion.
He announced three new initiatives from the Bank of Ghana: a National Digital Finance Interoperability Forum by Q4 2025, a mandate for financial service providers to adopt interoperable digital identity standards, and an AI and Risk Governance Working Group to develop policy recommendations on AI usage in finance.
Concluding his address, Governor Asiama briefly touched upon the Iran-Israel conflict, assuring the public that Ghana’s macroeconomic buffers are strong, with a solid foreign reserve position, favorable inflation trajectory, and ongoing fiscal adjustment efforts providing a cushion against external shocks. He reiterated the Bank’s readiness to take preemptive measures to preserve Ghana’s economic stability.
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