The Governor of the Bank of Ghana, Dr. Johnson Asiama, has called on banks to embrace a new era of innovation and digital transformation, describing it as the next phase of Ghana’s banking evolution following years of economic stabilization. Delivering the keynote address at the 42nd Annual General Meeting of the Ghana Association of Bankers (GAB) and the launch of the GH Bankers’ Voice Magazine in Accra, Dr. Asiama said Ghana’s banking industry has successfully restored confidence and resilience, positioning itself for growth driven by technology and inclusion.
“Stability is not the destination. It is the launchpad,” Dr. Asiama stated. “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.”
BANKING SECTOR RECOVERY AND STRONG PERFORMANCE
Highlighting the sector’s robust performance, the Governor noted that as of August 2025, the capital adequacy ratio stood at 18.28 percent, well above the regulatory minimum, while non-performing loans had eased to 20.77 percent. Deposits grew by over 17 percent year-on-year, and profitability improved with return on equity rising to 32.21 percent and return on assets to 5.64 percent.
On the macroeconomic front, inflation dropped to 9.4 percent in September, the lowest in four years, while the cedi appreciated by 37 percent year-to-date, supported by gross reserves of US$10.7 billion, covering more than four months of imports.
Dr. Asiama attributed this stability to tighter liquidity control, gold monetisation, and transparent, rules-based monetary policy. “Beneath these numbers lies a quiet but powerful story of credibility restored,” he said.
DIGITAL TRANSFORMATION AND REGULATORY INNOVATION
Emphasizing that digitalization is now at the core of financial services, the Governor noted that digital transaction volumes exceeded GH₵300 billion in 2024, representing over 60 percent of GDP. He said customer expectations have shifted toward instant, borderless, and personalized banking experiences, making digital capability a necessity rather than an option.
To support this transition, Dr. Asiama unveiled the Bank of Ghana’s Digitalization Strategy, structured around four pillars:
1. Infrastructure Innovation: Expansion of instant payments, QR systems, and the next phase of the eCedi pilot for both retail and wholesale applications.
2. Regulatory Innovation: Modernization of financial oversight through regulatory sandboxes, forthcoming cryptocurrency regulations by December 2025, Digital Lending Guidelines, and an Open Banking Framework currently in proof-of-concept phase.
3. Market Development and Financial Deepening: Collaboration with the Development Bank Ghana, World Bank, and Afreximbank to expand access to credit and trade finance, alongside reforms to the foreign exchange market and adoption of ISO 20022 standards.
4. Risk and Trust Innovation: Deployment of AI-driven supervisory tools, operationalization of a Cyber Threat Intelligence Platform, and pilot ESG and climate-risk reporting frameworks.
“Innovation without trust will not endure, but prudence must never again be an excuse against innovation,” Dr. Asiama cautioned.
Source: Karen Antwi
