Bank of Ghana Governor Dr Johnson Pandit Asiama has cautioned against excessive dependence on digital payment systems, warning that technical failures, cyberattacks and natural disasters could disrupt electronic transactions and threaten economic activities.
He maintained that physical cash remained an essential safeguard against such disruptions, providing households and businesses with a dependable means of conducting transactions when electronic payment networks become unavailable.
Speaking at the launch of the Ghana Heritage Series Banknotes in Accra on Thursday, November 12, 2026, Dr Asiama acknowledged the growing importance of digital payments in expanding financial inclusion and improving economic efficiency.
However, he stressed that technological advancement must not come at the expense of maintaining a reliable physical currency system.
“Experience around the world has shown that payment networks can be disrupted,” he observed, citing technical failures, cyber incidents, natural disasters and deliberate attacks as potential threats.
He explained that during such disruptions, cash enabled economic activities to continue without complete reliance on electronic infrastructure.
“When such disruptions occur, physical cash provides a dependable means of exchange, helping households and businesses continue to transact their business without relying entirely on electronic systems,” he stated.
The Governor said the Bank of Ghana would continue promoting digital innovation while ensuring that physical cash remained accessible and dependable.
He argued that the two payment systems were complementary rather than competing alternatives, particularly in building a resilient financial sector.
“A resilient economy must be able to benefit from technological progress while retaining the capacity to function when that technology fails,” he emphasised.
Dr Asiama maintained that the central bank’s responsibility was to preserve public confidence in both payment systems and ensure that Ghana’s currency infrastructure could respond effectively to changing economic conditions.
