The Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, says high transaction costs driven by inefficient payment systems are suffocating the growth of small and medium-sized enterprises (SMEs) across Africa.
She warned that costly and fragmented payment structures continue to place an unfair burden on small businesses, women traders and young entrepreneurs, limiting their ability to scale, trade across borders and compete effectively in the continent’s emerging single market.
According to her, Africa’s economic potential will remain largely untapped unless deliberate efforts are made to dismantle barriers within payment systems, noting that inclusive growth cannot be achieved while SMEs are locked out by excessive transaction charges.
Speaking at the Africa Prosperity Dialogues on Wednesday, February 4, Mrs Asante-Asiedu called for the harmonisation of regulatory frameworks across African countries, the introduction of licensing passport arrangements, and the expansion of cross-border mobile money and instant payment platforms to ease the cost burden on SMEs.
She stressed that Africa’s single market ambition would remain theoretical unless financial value can move freely and affordably across borders.
“SMEs account for over 90% of Africa’s businesses, with women dominating the informal sector. Young Africans are leading the continent’s digital evolution, yet high transaction costs and payment inefficiencies are disproportionately affecting these groups,” she said.
She added that the Bank of Ghana is committed to working with stakeholders across the continent to translate policy discussions into concrete action.
“We at the Bank of Ghana stand ready to collaborate to move from discussion to action,” she stated.
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