The Bank of Ghana has indicated that it will deepen its engagement with financial technology and digital assets operators in regulating the sector.

It says, "As regulators, we choose not to underestimate what we do not understand or ignore what was already reshaping financial lives, but rather choose to bring innovation, where citizens are projected and confidence is preserved".

Myjoyonline.com reported that the First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, disclosed this at the Standard Chartered Bank Powering Africa, Digital Assets Economy Programme in Accra.

Dr Mumuni noted that "regulation is not about saying no, but rather creating conditions under which society can confidently say yes as well as strengthening coordination among all the regulators in the industry"

Follow us on WhatsApp | LinkedIn for the latest headlines

Related Articles

• Anum Rural Bank opens Asutuare branchJanuary 28, 2020
• British Airways increases Accra, London flightsMay 29, 2023

The First Deputy Governor of the Bank of Ghana also stated that it is one of these reasons that is why "we have established a dedicated Virtual Assets Department, and through our Regulatory Sandbox as we continue to learn, test, and adapt before finalising long-term frameworks".

"This is why I say to innovators, engage with us; to banks, partner with us because interoperability is not an accident of technology. It is a policy choice and it is a continental choice," he added.

On the role of institutions in Ghana, Dr Mumuni said institutions still have a responsibility to answer these fundamental questions. How do we encourage innovation while preserving trust".

The First Deputy Governor also noted that despite the delays with the introduction of the eCedi, the Central Bank is still committed to innovation and the digital currency.

"Whatever we build, everything must be done to ensure that it does not displace the Ghana cedi, adding that a strong digital ecosystem should strengthen public money and not to compete with it.

"The future may be digital, but public trust must remain at its centre", he stated

The First Deputy Governor of the Bank of Ghana also argued mobile money has demonstrated that "what happens when innovation is designed around people's lives".

According to him, the next generation of digital infrastructure can extend opportunities even further, particularly for those who remain underserved by traditional financial systems.