By Kizito CUDJOE
The Bank of Ghana (BoG) plans to introduce new regulatory frameworks for open banking, digital banking and digital credit by end of the year as part of efforts to expand financial access and support small- and medium-sized enterprises (SMEs), according to first Deputy Governor Dr. Zakari Mumuni.
Speaking at a public-private roundtable in Accra hosted by AyaHQ, a local incubator for blockchain and digital asset startups, Dr. Mumuni said the frameworks are at an advanced stage of development.
“This is part of our broader effort to enhance financial inclusion, especially through improved access to payment services, financing and cross-border trade,” he said.
Dr. Mumuni noted that Ghana has seen significant growth in digital financial services, driven by advances in technologies such as blockchain, decentralised finance, artificial intelligence and digital wallets. In response, the central bank has adjusted its policy approach to leverage the expanding mobile money ecosystem and growing e-commerce sector.
To provide a stronger legal foundation for digital financial services, BoG initiated regulatory reforms in 2017 – culminating in passage of the Payment Systems and Services Act, 2019 (Act 987).
He said the law helped streamline operations for the fintech space, promoting innovation and competition in digital finance.
“In addition to ensuring financial stability, the bank is committed to fostering innovation in a risk-controlled environment,” Dr. Mumuni said.
He cited the central bank’s exposure draft on digital assets, aimed at supporting innovation while addressing risks such as money laundering, cybersecurity and consumer protection.
BoG is also piloting several innovations, including a Central Bank Digital Currency (e-Cedi) and tokenisation projects such as Universal Trusted Credentials (UTCs) and Digital Economy Semi-Fungible Tokens (DESFTs).
In terms of oversight, the central bank has developed digital supervisory tools including the Supervisory Intelligence (S.I.) platform and Online Regulatory, Analytics and Surveillance System (ORASS). These systems collect granular data from financial institutions, conduct pattern analysis and support real-time, evidence-based policy decisions.
“These systems enable us to collect data from financial institutions, analyse trends and ensure timely policy interventions,” he added.
The initiatives come as Ghana continues efforts to close financial access gaps, particularly for SMEs that often struggle to secure affordable credit or fully participate in the digital economy.
The AyaHQ roundtable was held under the theme ‘Unlocking economic opportunity through innovation: Bridging startups, policy and capital in Ghana’.
Speaking at the event, AyaHQ Founder and CEO Eric Annan acknowledged the local talent pool and called for co-creation of special innovation economic zones – where startups can thrive under enabling regulation and within innovation clusters focused on digital assets, decentralised identity, AI and climate tech.
“These zones will reflect our collective effort and shared vision for a prosperous Ghana,” Annan said. “We must build the infrastructure of support, a culture of collaboration and policies that promote abundance. This is a collective responsibility.”
He noted that AyaHQ has trained over 300 young people in smart contract engineering, product design & product management and incubated more than 30 startups globally. The organisation, he added, is seeking partnerships with policymakers, fund owners, regulators, telcos, high-net-worth individuals and institutions to further scale its work in Ghana and beyond.
In remarks delivered on behalf of Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, the ministry acknowledged the potential of startups and innovators, but flagged access to funding as a persistent barrier.
He cited the Partech Africa Report 2023, which showed that Ghana attracted less than 2 percent of total venture capital inflows to Africa – lagging behind countries such as Nigeria and Kenya.
“This gap highlights an urgent need to establish a dedicated innovation fund: a public-private initiative that provides catalytic capital to early-stage innovators, de-risks private investment through matching grants and guarantees and ensures long-term sustainability of ideas that might otherwise fail due to lack of funding,” he said.
The minister urged both domestic and international partners to co-create solutions, co-invest in infrastructure and co-develop policies that can unlock innovation at scale.
