Banks Must Adapt to New Digital Era – BoG Governor
Banks in Ghana must move beyond traditional practices and embrace innovation, collaboration and customer trust if they are to remain relevant in a rapidly changing financial environment, the Governor of the Bank of Ghana, Dr. Johnson Asiama, has said.
Speaking at the 42nd Annual General Meeting of the Ghana Association of Banks and the launch of the GH Bankers’ Voice magazine, Dr. Asiama outlined what he termed the “new competencies for banks,” describing them as central to building resilient and forward-looking financial institutions.
He noted that the future of banking will not be determined by who has the largest assets, but by which institutions learn, innovate and adapt most effectively.
“The next decade will not belong to the biggest balance sheets. It will belong to the boldest learners,” he said.
He identified four key areas that banks must strengthen: Digital Integration, Data Intelligence, Sustainable and Inclusive Finance, and Customer-Centric Design.
On digital integration, Dr. Asiama urged banks to be fully interoperable and ready to work seamlessly with fintechs, telecommunications firms and payment platforms. He encouraged the industry to move domestic card transactions onto local settlement systems to reduce foreign exchange pressure and operational costs.
Touching on Data Intelligence, he called for responsible use of artificial intelligence and for strong board-led oversight to avoid bias and ensure transparency in automated decision-making.
In promoting sustainable and inclusive finance, he encouraged banks to expand credit access to individuals and small businesses using alternative data tools, while safeguarding responsible lending practices.
On customer experience, the Governor stressed the importance of building trust by prioritizing privacy, reliability and simplicity in digital services.
“The best digital solution is one the customer barely notices because it simply works,” he added.
His remarks come at a time when banks face increased competition from fintechs, shifting consumer expectations and ongoing regulatory reforms. The Governor’s message was clear: Ghana’s banking sector must align technology with ethical responsibility and inclusion to remain strong and competitive.
