Ghana’s ambition to become a regional trade and financial hub received a significant boost on 4 February 2026, when the Bank of Ghana (BoG) used the African Prosperity Dialogue (APD) in Accra to press for a continent-wide revolution in cross-border payments.
Speaking on the theme “Empowering SMEs, Women and Youth in Africa’s Single Market: Innovate. Collaborate. Trade,” Governor Johnson Pandit Asiama, in a speech delivered by Second Deputy Governor Mrs Matilda Asante-Asiedu, made a compelling case that Africa’s economic integration will rise or fall on the ability to move money as easily as goods, services and ideas.
“Trade agreements alone don’t create trade. Payments make trade possible,” Dr Asiama said, capturing what many African businesses have long complained about: that while tariffs and customs barriers are gradually falling, the cost, delays and inefficiencies of cross-border payments remain a stubborn brake on growth.
Africa’s new Single Market under the African Continental Free Trade Area (AfCFTA) is expected to create a $3.4 trillion economic bloc, linking more than 1.4 billion people. Yet for millions of small businesses especially those led by women and young entrepreneurs selling across borders still means grappling with multiple currencies, slow correspondent banking networks and high transaction fees that erode profits.
The BoG Governor argued that this is where digital public infrastructure can become Africa’s great equaliser.
Ghana, he noted, has invested heavily in building interoperable payment systems that link banks, mobile money operators and fintech firms onto a single digital rails. This has allowed real-time, low-cost transfers across platforms, making it easier for a trader in Kumasi, for example, to receive payment from a buyer in Tamale or Takoradi without needing cash or multiple wallets.
While this progress is domestic for now, its implications for Africa’s wider market are profound. By connecting national payment systems and digital ID frameworks, African countries could leapfrog decades of financial fragmentation and create a seamless continental payments network.
“Africa’s single market will be realised when value moves as seamlessly as ideas,” Dr Asiama said.
For small and medium-sized enterprises (SMEs), which account for more than 80 per cent of Africa’s businesses, this could be transformational. Faster and cheaper payments mean improved cash flow, greater access to regional customers and stronger links to supply chains. For women-owned businesses and youth-led startups often locked out of traditional banking interoperable mobile and digital payments could offer their first real gateway to continental trade.
The BoG’s intervention also aligns closely with Ghana’s broader AfCFTA strategy. As host of the AfCFTA Secretariat, Accra has positioned itself not just as a diplomatic centre, but as a practical engine room for Africa’s new trading architecture. Digital payments, regulators believe, will be as critical as ports and highways.
However, the challenge is not only technical. Regulatory alignment, cybersecurity, consumer protection and data privacy will all be crucial if cross-border digital payments are to scale safely. Dr Asiama stressed the need for African central banks, regulators and private fintech firms to collaborate rather than compete.
The APD platform offered a timely reminder that Africa’s future prosperity will not be driven by trade treaties alone, but by the invisible plumbing that makes trade work. As the continent pushes to industrialise, digitise and empower its next generation of entrepreneurs, payments may well prove to be the quiet revolution behind the headlines.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
