Bank of Ghana targets cross-border payments and diaspora investment

The Bank of Ghana is implementing initiatives to streamline cross-border digital payments and better utilize diaspora remittances for national development. To address the difficulties traders face when moving money across African borders, the central bank is building new digital pathways and a continental testing environment for fintech innovators.

Ghana is currently conducting a five-week pilot program for payment links with Rwanda, and discussions are underway with Nigeria and seven other nations to expand these digital payment capabilities.

Additionally, Governor Dr. Johnson Pandit Asiama has called on commercial banks to move beyond basic transfer services by developing specialized investment products for the Ghanaian diaspora. The goal is to convert remittances into structured savings, bonds, and other investment vehicles. The Bank of Ghana is also working on a national remittance strategy and encouraging banks to provide flexible credit products for small and medium-sized enterprises, particularly within the agricultural sector.