Dr. Johnson Pandit Asiamah, Governor of the Bank of Ghana, delivered a compelling address at the 2025 3i Africa Policy Forum in Accra, emphasizing the critical role of regulatory harmonization in achieving the African Continental Free Trade Area’s (AfCFTA) vision of a unified continental market. He acknowledged the progress made in fintech and cross-border digital payments but cautioned that these advancements would remain fragmented and limited without concerted efforts to align financial laws and regulatory systems across Africa. Dr. Asiamah argued that a truly interconnected African market necessitates deliberate continental cooperation, moving beyond individual national initiatives to a cohesive, pan-African approach. This, he asserted, would unlock the full potential of the AfCFTA and drive transformative economic growth.
Dr. Asiamah highlighted the positive strides made by individual African nations in fostering inclusive finance and supporting small and medium-sized enterprises (SMEs). He pointed to the adoption of modern regulatory approaches, including pilot programs, dedicated innovation offices, and the establishment of digital public infrastructure frameworks. These initiatives, he explained, are designed to encourage innovation, broaden access to financial services, and empower Africa’s burgeoning youth and entrepreneurial population. While acknowledging the value of these national-level efforts, he stressed that their impact would be significantly amplified through continental coordination and harmonization.
The core of Dr. Asiamah’s message centered on the need for a collaborative approach to regulatory frameworks. He urged African nations to work together to harmonize their financial regulations, ensuring interoperability across financial infrastructures, and fostering trust and transparency between jurisdictions. This, he argued, would create a level playing field for businesses, facilitate seamless cross-border transactions, and attract significantly more investment into the continent. A fragmented regulatory landscape, conversely, would create unnecessary barriers to trade, hinder the flow of capital, and limit the potential benefits of the AfCFTA.
Dr. Asiamah further emphasized the scale and complexity of the integration challenge, underscoring the need for collective action. He acknowledged that no single institution, regardless of its resources, could achieve this transformation alone. The successful implementation of the AfCFTA, he posited, requires a collaborative effort involving governments, regulatory bodies, financial institutions, and the private sector working in concert towards a shared vision. This collaborative spirit, he argued, is essential for navigating the complexities of harmonizing diverse regulatory landscapes and building a robust, interconnected African market.
The 2025 3i Africa Policy Forum, themed “One Africa, One Market: Driving Innovation, Investment, and Impact for a Connected Future,” provided a platform for policymakers, regulators, and tech innovators from across the continent to engage in discussions focused on accelerating Africa’s digital financial integration. Key areas of focus included unlocking investor capital, promoting the responsible adoption of digital assets, and supporting the operationalization of the Digital Trade Protocol. The forum served as a crucial venue for fostering dialogue and collaboration on these vital issues, aiming to pave the way for a more integrated and prosperous African digital economy.
Dr. Asiamah’s call for regulatory harmonization resonated as a key takeaway from the forum, underscoring the importance of a unified approach to unlock the full potential of the AfCFTA. By aligning their regulatory frameworks, fostering interoperability, and building trust, African nations can create a truly connected continental market, driving innovation, investment, and sustainable economic growth for all. This collaborative effort, he argued, is essential for achieving the vision of a unified, prosperous Africa, empowered by the dynamism of its people and the vast opportunities presented by the AfCFTA.
