The Bank of Ghana (BoG) is set to roll out a new regulatory framework for digital banking as part of efforts to strengthen oversight of Ghana’s rapidly evolving financial sector.

Governor Dr Johnson Asiama disclosed that the central bank has completed work on the framework and is preparing to engage industry stakeholders before implementation.

“We have prepared the Digital Banking Framework, together with comprehensive draft guidelines, and it is now ready for stakeholder consultation, to support its timely implementation and provide a clear regulatory foundation for the next phase of digital banking in Ghana.”

Dr Asiama made the announcement in a keynote address at the Financial Architecture Summit held at the National Banking College in Accra.

He noted that the financial sector has evolved beyond traditional banking institutions.

“The financial system we regulate today is no longer defined only by banks, balance sheets and banking halls, but rather digital platforms, payment networks, technology providers and new forms of financial intermediation.”

According to the Governor, regulation must also evolve to keep pace with these changes and should move beyond a focus solely on the stability of individual institutions.

Virtual Assets and e-Cedi

Dr Asiama also announced progress on regulating virtual asset activities in Ghana following the passage of the Virtual Asset Service Providers (VASP) Act, 2025.

“The Bank of Ghana is now developing, alongside the Securities and Exchange Commission, the licensing requirements and implementation guidelines that will operationalise it.”

He stressed that innovation must be supported by secure, interoperable and inclusive financial infrastructure.

The Governor said the central bank is continuing efforts to modernise Ghana’s national payment systems to build a financial ecosystem that is secure, efficient and inclusive.

“A modern payment system is critical national infrastructure that underpins commerce, investment and economic growth.”

On the e-Cedi project, Dr Asiama said the Bank of Ghana remains committed to exploring its broader applications.

“We are continuing on Ghana’s digital currency, by exploring its potential application to cross-border transactions and to wholesale payments within the domestic financial system, as a complement to the existing RTGS infrastructure.”

He urged financial institutions to view innovation beyond the adoption of new technologies.

“It should be accompanied by investments in governance, cybersecurity, risk management, consumer protection, talent development and accountable leadership.”

Cybersecurity Regulation

The Governor said cyber resilience has become a key part of financial sector supervision.

According to him, the Bank of Ghana is no longer focused solely on capital adequacy and liquidity but is also safeguarding the data that powers the economy.

“The revised Cyber and Information Security Directive, which we launched in March, is the clearest expression of that shift.”

He said the directive requires financial institutions to strengthen board-level expertise in cyber risk management and introduces Ghana’s first comprehensive framework for the governance of artificial intelligence in areas such as fraud detection, credit scoring and customer service.

“It also establishes clear rules for the adoption of cloud technology, and a proportionality framework exists because we listened to the industry before we issued it, not afterwards.”