Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante Asiedu, has affirmed the central bank’s commitment to the Pan-African Payment and Settlement System (PAPSS), highlighting its critical benefits for Ghana’s economy.
Speaking to JoyBusiness on the sidelines of the Afreximbank Annual Shareholders Meeting in Abuja, Nigeria, she said the system offers major advantages in managing Ghana’s balance of payments, strengthening the Bank’s reserves, and reducing the cost of cross-border trade.
“For us in Ghana, PAPSS is very active. We believe in the infrastructure and its impact on financial intermediation,” she said.
“Indeed, we were among the first group of central banks in the region to sign up to this system.”
The Pan-African Payment and Settlement System, spearheaded by Afreximbank, is a centralised financial infrastructure that facilitates the smooth and secure transfer of funds across African borders.
It eliminates the need for currency conversions and minimises transaction costs, which Mrs. Asiedu said is key to unlocking trade potential for Ghana and the continent at large.
“We are happy that more countries are coming on board. This expansion will further reduce the cost of cross-border transactions for Ghanaian businesses,” she added.
Mrs. Asiedu also emphasised the Bank of Ghana’s broader commitment to developing and regulating digital payment systems.
She said the Bank is not only advancing domestic infrastructure but also collaborating with regional partners to strengthen innovation and supervision.
“We are working hard to catch up with global trends in digital banking and payment systems,” she stated. “It’s about effective regulation, and that means embracing innovative solutions that can help us regulate smarter.”
She revealed that during the Afreximbank meeting, several central bank governors expressed interest in learning from Ghana’s experience in payment system regulation and digital innovation.
“We’re open to collaboration and knowledge-sharing. That’s how we all grow,” she added.
The Abuja meeting concluded with the election of George Elombi, former Vice President in charge of legal and corporate services at Afreximbank, as the new President and Board Chairman of the Bank.
