The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has stated that innovation in financial systems must be anchored on strong regulatory frameworks, warning that technological progress without credible structures remains fragile.
Speaking at the ACI World Congress 2026 on Thursday, May 21, 2026, Dr Asiama said emerging economies are increasingly testing whether innovation can be sustained without strong institutional and regulatory foundations.
“Innovation without regulatory architecture is fragile; innovation that is embedded within credible architecture compounds. That is the proposition that emerging economies are testing now,” he said.
He stressed that fragmented financial markets weaken competitiveness and reduce the benefits of innovation, arguing that greater integration is now essential to economic transformation.
“Markets that are not connected will not compete. Capital does not respect borders, but regulation often does,” he said. “The countries that recognise this are building integration into the design of their financial systems rather than retrofitting it after the fact.”
Dr Asiama said Ghana is working with regional partners to deepen financial integration through fintech licensing passport systems and harmonised payment infrastructure across Africa.
“We are working with our partners across the region on licensing passport initiatives for fintechs, on harmonised payment rails, and on a broader vision of a connected African financial market,” he said.
He added that a more integrated system would enable fintech companies licensed in one African country to operate seamlessly in others without rebuilding their core infrastructure.
“A fintech licensed in one African jurisdiction should be able to service a customer in another without rebuilding its financial stack from the start,” he said.
