Bank of Ghana Governor Dr. Johnson Asiama has warned that fintechs could become a major source of financial instability if left unregulated, emphasizing the need for proactive regulation to safeguard financial stability.
Highlighting the importance of adapting to emerging global financial risks, Dr Asiama has cited fintechs and cryptocurrencies as potential sources of instability.
The Governor’s call for regulation comes as the fintech industry continues to grow rapidly, with many Ghanaians relying on digital financial services. The Bank of Ghana’s efforts to strengthen regulation aim to mitigate potential risks and ensure financial stability
“We did not have fintechs those days, but I believe that if not handled properly, fintechs, for example, could be an area where a risk could emerge going forward,” he said while speaking in Washington, D.C., at the 2025 IMF/World Bank Spring Meetings held earlier this year.
He urges central banks to act early to prevent new technologies from triggering crises in the financial system while acknowledging that Ghana is already taking steps to strengthen supervision of the digital finance space.
“We are, you know, looking at that industry well. We are mending the legislation there as well,” he noted, stressing the need for proactive regulation to safeguard financial stability.
Dr Asiama explained that his broader vision for the central bank is “ready and able to adapt” to emerging global financial risks.
“It is critical today. It could be something else tomorrow. It could be anything. Who knows, but we should have the manpower, we should have that agility, we should have the balance sheet to be able to contend with any of these risks as they emerge in the future.”
