Bank of Ghana urges West African central banks to strengthen digital payment regulation
What happened
The Governor of the Bank of Ghana, Johnson Pandit Asiama, urged central banks in West Africa to strengthen the regulation and supervision of digital payment systems. This call was made during a regional course in Accra. He stated that the rapid growth of digital financial services and virtual assets requires central banks to build capacity and strengthen regulatory frameworks to respond to emerging risks and cyber threats. Clarence Blay, Director of the Payment Systems Department at the Bank of Ghana, noted that protecting digital payment infrastructure is critical for maintaining public confidence in the financial system.
From ghanaiantimes.com.gh
Why it matters
The Bank of Ghana highlighted that payment systems have become central to the delivery of financial services, facilitating transactions from everyday purchases to medical bills. Strengthening regulatory frameworks is necessary to safeguard financial stability and protect users as the volume and speed of digital transactions increase.
From ghanaiantimes.com.gh
Who's involved
- Bank of GhanaCentral bank of Ghana that issued the call for strengthened regulation
- Johnson Pandit AsiamaGovernor of the Bank of Ghana who made the call
- West AfricaRegion where the central banks are located
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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The entities involved
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Accra
capital city of Ghana
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Bank of Ghana
central bank of Ghana
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West Africa
westernmost region of the African continent
Related events
- The Bank of Ghana is providing a regulatory framework for Ghanaian banking, while Parliament has recognized non-interest banking as a permissible activity.
- The Bank of Ghana held a workshop in Accra.
- A roadmap has been launched in Accra, detailing how the Bank of Ghana is central to Ghana's financial system and national development efforts.
- The Bank of Ghana announced major financial sector reforms aimed at supporting economic stability in Ghana.
- A regional workshop focused on cooperation in West Africa was held in Accra, Ghana, with support from the EU.