The rapid-fire advancement of digital payments and artificial intelligence is forcing a fundamental reckoning for the world's central banks, and the time for cautious evolution is over.
That was the stark warning from Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), who declared that institutions must pursue "bold, forward-looking transformation" or risk being sidelined in a new financial era.
Speaking at the inaugural Bank of Ghana–Bank of England Pan-African Central Bank Governors’ Conference, Dr Asiama told a high-level gathering that while the core missions of central banking—price stability, financial soundness, and supporting growth—remain timeless, the battlefield transformation has undergone t.
“The rapid adoption of technology, AI, and digital payment systems is putting immense pressure on how we ensure safety and control,” Dr. Asiama stated. He framed the challenge not merely as a technical upgrade, but as a fight for continued relevance in a system increasingly driven by private tech firms and decentralised finance.
The Governor crystallised the intense pressure on today’s central bank leaders by outlining a series of critical leadership challenges. These include the delicate task of balancing long-term economic goals with short-term political realities, and the difficulty of making sound monetary policy amidst imperfect data while citizens simultaneously demand quick relief from economic hardship. He stressed that leaders must now also safeguard financial stability while keeping pace with the blistering speed of financial technology innovation.
Beyond the conference hall, the Bank of Ghana is already translating this vision into concrete action, positioning itself as a laboratory for central bank innovation in Africa. The BoG is spearheading several key initiatives, including a modernised collateral registry powered by artificial intelligence to improve risk assessment and unlock credit. The bank has also introduced new digital-lending guidelines to regulate the booming online loan market and protect consumers. Furthermore, a strategic push for open-banking APIs and an interoperable digital identity system aims to create a more secure, inclusive, and competitive financial ecosystem for all Ghanaians.
The message from Accra is unequivocal. The era of central banks as slow-moving, reactive institutions is ending. In its place must rise a new model: tech-empowered, strategically nimble, and unafraid to build the financial system of the future. The alternative, as Dr. Asiama made clear, is not just stagnation, but irrelevance.