The Bank of Ghana (BoG) is set to introduce a new regulatory framework for digital banking as part of efforts to strengthen oversight of the country’s evolving financial sector.
Governor Dr Johnson Asiama announced that the central bank has completed the framework and draft guidelines, which will now undergo stakeholder consultations before implementation.
Speaking at the Financial Architecture Summit at the National Banking College in Accra, Dr Asiama said the framework is intended to provide a clear regulatory foundation for the next phase of digital banking in Ghana.
According to the Governor, Ghana’s financial sector has evolved beyond traditional banking institutions to include digital platforms, payment networks, technology providers and new forms of financial intermediation.
He said regulation must also evolve to address these changes and extend beyond safeguarding the stability of individual financial institutions.
Virtual Assets and e-Cedi
Dr Asiama also announced that the Bank of Ghana and the Securities and Exchange Commission (SEC) are developing licensing requirements and implementation guidelines following the passage of the Virtual Asset Service Providers (VASP) Act, 2025.
He said the measures are intended to operationalise the new law and regulate virtual asset activities in Ghana.
The Governor added that the Bank of Ghana continues to modernise the country’s national payment systems to support a secure, efficient and inclusive financial ecosystem.
He also said the central bank remains committed to advancing the e-Cedi project by exploring its potential use in cross-border transactions and wholesale payments within the domestic financial system as a complement to the existing Real Time Gross Settlement (RTGS) infrastructure.
Cybersecurity Framework
Dr Asiama said cyber resilience has become a central component of financial sector supervision.
He noted that the revised Cyber and Information Security Directive, launched in March, reflects the Bank’s expanded focus on protecting digital infrastructure and data alongside traditional financial stability measures.
According to him, the directive requires financial institutions to strengthen board-level expertise in cyber risk management and introduces Ghana’s first comprehensive governance framework for the use of artificial intelligence in areas such as fraud detection, credit scoring and customer service.
The directive also establishes rules governing the adoption of cloud technology and includes a proportionality framework developed following consultations with industry stakeholders.
Dr Asiama urged financial institutions to complement technological innovation with stronger governance, cybersecurity, risk management, consumer protection, talent development and accountable leadership.
