The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante Asiedu, has emphasised that Africa’s integration is not merely a policy framework but a process that directly impacts people and businesses across the continent.

Speaking at the 2026 Africa Prosperity Dialogue under the theme, “Empowering SMEs, Women and Youth in Africa’s Single Market: Innovate, Collaborate, Trade”, she said the success of the African Continental Free Trade Area (AfCFTA) depends on practical measures that allow individuals and enterprises to trade efficiently across borders.

“Africa’s integration is not an abstract policy. It is about people. It’s about whether a young innovator in Accra, a woman trader in Kisangani, or a small enterprise in Lusaka can access markets across borders with confidence and efficiency,” Mrs Asante Asiedu said.

She highlighted efficient cross-border payments and digital finance systems as critical enablers of continental trade. Without secure, affordable, and reliable payment systems, the promise of a truly integrated African market cannot be realised, she added.

“Payments make trade possible. Trade agreements alone do not create trade. Payment systems are strategic infrastructure essential for monetary stability, financial integration, and long-term economic transformation,” she noted.

Despite Africa’s enormous economic potential, Mrs Asante Asiedu said cross-border payments remain expensive, slow, and fragmented, with transaction costs ranging between 7 to 10%, compared to a global average of about 3%.

Settlement times, she said, can also take days to weeks, posing significant challenges for SMEs and traders.

She stressed that addressing these issues presents not only challenges but also opportunities to drive financial innovation and empower entrepreneurs across the continent.

Africa’s integration, according to her, should therefore focus on creating inclusive, practical solutions that benefit citizens and businesses alike, ensuring that economic growth is accessible to all, particularly youth, women, and small enterprises.