Bank of Ghana Deepens Market Development Reforms to Boost Financial Integration and Trade
Accra, Ghana — The Bank of Ghana has unveiled a series of strategic reforms aimed at deepening financial intermediation, strengthening Ghana’s foreign exchange market, and accelerating the integration of the country’s banking infrastructure with continental systems.
Governor Dr. Johnson Asiama, speaking on the Bank’s new “Market Development and Financial Deepening” pillar, highlighted that the initiative seeks to link innovation with real economic value and ensure Ghana’s financial ecosystem remains resilient and globally competitive. “We are working with the Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk-sharing facilities,” Dr. Asiama said. “Our goal is to channel more liquidity to productive sectors while improving access to finance for small and medium-sized enterprises.”
A key component of this effort, the Governor noted, is the alignment of Ghana’s banking infrastructure with the Pan-African Payment and Settlement System (PAPSS). The integration, he said, will allow cross-border payments to be made in local currencies, reducing reliance on foreign exchange and lowering transaction costs for businesses engaged in intra-African trade.
This move is expected to position Ghana as a key hub for regional commerce under the African Continental Free Trade Area (AfCFTA) framework, which is headquartered in Accra.
Dr. Asiama also announced the modernization of Ghana’s foreign exchange market infrastructure, supported by technical assistance from the International Monetary Fund (IMF). The central bank has launched a structured FX operations framework to improve price discovery, reduce exchange rate volatility, and rebuild foreign reserves. As part of the reform, the Bank revised Net Open Position (NOP) limits from ±5% to a range between 0% and -10%, a move designed to increase interbank trading activity and narrow the bid-ask spreads within the FX market.
In a further push toward modernization, the Bank of Ghana is assisting local financial institutions in adopting ISO 20022 messaging standards the global benchmark for secure financial communication and enhancing real-time compliance monitoring systems. “These upgrades will ensure Ghanaian banks remain competitive as instant and cross-border payments become the continental norm,” Dr. Asiama emphasized.
Industry observers say these developments mark a significant step toward building a more integrated, transparent, and technology-driven financial ecosystem, positioning Ghana as one of Africa’s most advanced financial markets.
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