Bank of Ghana urges West African central banks to strengthen digital payment regulation

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.

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.