The Bank of Ghana (BoG) is set to roll out new regulatory frameworks for open banking, digital banking, and digital credit by the end of 2025, in a bid to boost financial inclusion and improve access to financing for small- and medium-sized enterprises (SMEs).
Speaking at a public-private roundtable in Accra hosted by local tech incubator AyaHQ, First Deputy Governor Dr. Zakari Mumuni said the upcoming policies are nearing completion and will form part of the central bank’s broader strategy to deepen financial access and support innovation.
“This is part of our broader effort to enhance financial inclusion, especially through improved access to payment services, financing and cross-border trade,” Dr. Mumuni stated.
Ghana has witnessed rapid expansion in digital financial services, driven by emerging technologies such as blockchain, decentralised finance, artificial intelligence, and digital wallets. In response, the BoG has increasingly adjusted its regulatory approach to accommodate this evolving ecosystem, particularly within mobile money and e-commerce.
The Deputy Governor traced the regulatory journey back to the Payment Systems and Services Act, 2019 (Act 987), which laid the legal groundwork for fintech development in Ghana. “In addition to ensuring financial stability, the bank is committed to fostering innovation in a risk-controlled environment,” he said.
To further strengthen the ecosystem, BoG is piloting several innovations including a central bank digital currency (e-Cedi), Universal Trusted Credentials (UTCs), and Digital Economy Semi-Fungible Tokens (DESFTs), all aimed at promoting digital trust and financial access.
The central bank has also developed advanced supervisory infrastructure, including its Supervisory Intelligence (S.I.) platform and Online Regulatory, Analytics and Surveillance System (ORASS). These tools allow BoG to collect real-time data, analyse emerging risks, and make evidence-based policy interventions.
“These systems enable us to collect data from financial institutions, analyse trends and ensure timely policy interventions,” Dr. Mumuni said.
The initiatives are seen as critical to addressing access gaps for SMEs, which often face challenges securing affordable credit or engaging in the digital economy at scale.
The AyaHQ roundtable, themed ‘Unlocking Economic Opportunity Through Innovation’, brought together innovators, policymakers and capital providers to explore ways of accelerating Ghana’s digital transition.
AyaHQ Founder and CEO Eric Annan highlighted the strength of Ghana’s talent pool and advocated for special economic zones tailored to innovation. “We must build the infrastructure of support, a culture of collaboration, and policies that promote abundance. This is a collective responsibility,” he said.
Mr. Annan added that AyaHQ has trained over 300 young people in areas such as smart contract engineering and product management, and incubated more than 30 startups globally. The organisation is now seeking partnerships to expand its impact both locally and internationally.
In remarks delivered on behalf of the Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, the ministry acknowledged the potential of local innovators but noted that access to venture capital remains a critical constraint.
Citing the Partech Africa Report 2023, which showed Ghana received less than 2 percent of Africa’s total VC inflows—behind countries such as Nigeria and Kenya—the minister called for the creation of a dedicated public-private innovation fund to de-risk early-stage ventures and ensure sustainability.
He urged stakeholders to collaborate on building infrastructure, mobilising funding, and crafting policies that will unlock Ghana’s innovation potential.
