The Bank of Ghana is developing a new framework to convert part of Ghana’s remittance flows into investment opportunities for the diaspora, with full implementation of the National Remittance and Diaspora Savings Strategy targeted for the first quarter of 2027.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, disclosed this at the Heads of Banks Meeting at The Bank Square in Accra on Tuesday.
The initiative is being undertaken jointly with the Ministry of Finance as part of efforts to strengthen Ghana’s payment infrastructure and create mechanisms through which diaspora resources can support investment.
Dr Asiama said the strategy has formally been launched and is expected to be developed within nine months, after which authorities intend to move into implementation.
“We are exploring innovative ways to turn remittances into investment opportunities for the diaspora,” the Governor said.
He told heads of banks that their institutions would play an important role in shaping and executing the programme.
“Your institutions are vital to the success of this initiative, and we will count on your participation, and of course on your expertise during both the development and implementation stages,” he said.
BoG turns attention to AI and fintech risks
The Governor also disclosed that the central bank is developing further regulatory guidance covering the responsible use of artificial intelligence in Ghana’s financial sector.
The proposed guidance will form part of an expanding regulatory framework responding to the rapid digitalisation of financial services.
The Bank is also working on guidance concerning the governance and operational independence of regulated payment service providers operating within group structures.
Dr Asiama acknowledged that digitalisation has delivered substantial benefits to the financial sector but cautioned that technological advancement has simultaneously increased operational and cybersecurity risks.
The central bank is consequently working with financial institutions to implement the Cyber and Information Security Directive, with supervisory attention focused on technology risks, safeguarding customer funds and risks associated with third-party service providers.
Illegal digital lenders also in BoG’s sights
The Governor said the central bank would continue efforts to tackle illegal digital credit providers, working with relevant institutions to protect consumers and preserve confidence in Ghana’s digital financial ecosystem.
The rapid expansion of mobile money and digital payments is also prompting a broader reassessment of the sector.
According to Dr Asiama, the Bank of Ghana will soon engage industry players on measures to strengthen the sustainability and resilience of the digital payments ecosystem, including the effectiveness of existing partnerships, safeguards and risk-management arrangements.
The emerging regulatory agenda signals an attempt by the central bank to allow financial innovation to expand while ensuring that new technologies and business models operate within stronger governance and consumer-protection frameworks.
