The Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, has warned that high transaction costs caused by inefficient payment systems are stifling the growth of small and medium-sized enterprises (SMEs) across Africa.
She noted that expensive and fragmented payment structures continue to place a disproportionate burden on small businesses, women traders, and young entrepreneurs, restricting their ability to scale up, engage in cross-border trade, and compete effectively within Africa’s emerging single market.
According to Mrs Asante-Asiedu, the continent’s vast economic potential will remain largely unrealised unless deliberate steps are taken to remove barriers within payment systems. She stressed that inclusive growth is impossible while SMEs are effectively locked out by excessive transaction fees.
Speaking at the Africa Prosperity Dialogues on Wednesday, February 4, she called for greater harmonisation of regulatory frameworks across African countries, the adoption of licensing passport arrangements, and the expansion of cross-border mobile money and instant payment platforms to reduce costs for SMEs.
She emphasised that Africa’s vision of a single market would remain largely theoretical unless financial value can move seamlessly, quickly, and affordably across borders.
“SMEs make up more than 90 percent of businesses in Africa, with women forming the backbone of the informal sector. Young people are driving the continent’s digital transformation, yet high transaction costs and payment inefficiencies continue to affect these groups the most,” she said.
Mrs Asante-Asiedu added that the Bank of Ghana is committed to working with partners across the continent to turn policy dialogue into practical solutions.
“At the Bank of Ghana, we are ready to collaborate and move from discussion to action,” she affirmed.
