The Chief Executive Officer of Stanbic Bank Ghana, Kwamina Asomaning, has called for more efficient cross-border payment systems to help businesses reduce transaction costs, manage financial risks and compete effectively in regional and global markets.
Speaking at the third-quarter Stanbic Bank/Graphic Business Breakfast Meeting in Accra, Mr Asomaning said businesses were increasingly operating across multiple markets, making the efficient movement of money as important as the movement of goods.
The meeting, held under the theme “Moving Money. Moving Trade. Moving Ghana – Making it easier to buy, sell and pay across borders,” brought together stakeholders to discuss financial challenges affecting businesses engaged in international trade.
Mr Asomaning said a business in Accra could source machinery from China, obtain inputs from South Africa, sell products to customers in Côte d’Ivoire and pay for digital services hosted in another country.
He said the complexity of such transactions required payment systems that offered speed, predictability and cost efficiency while helping businesses manage foreign exchange and liquidity risks.
According to him, delays and high costs in cross-border payments eventually affect import prices, exporters’ margins, the working capital positions of small and medium-sized enterprises and consumer prices.
“Trade is changing and the financial infrastructure supporting businesses must move with it. The real opportunity is to make the entire payment journey simpler and help businesses manage foreign exchange risk, liquidity, working capital and reconciliation more effectively,” he said.
Digital technology
Mr Asomaning said Ghana’s efforts to expand trade across Africa and other global markets required payment systems to be considered as part of the country’s broader trade strategy.
He said emerging technologies were transforming cross-border transactions, with artificial intelligence increasingly being used in areas such as fraud detection, compliance, reconciliation, liquidity management and foreign exchange decisions.
He also noted that innovations including stablecoins, tokenised deposits and other digital assets were challenging traditional approaches to the movement of money across borders.
Mr Asomaning said Stanbic Bank, through its parent company Standard Bank Group, was leveraging its African presence and global connections to support businesses operating across different markets.
“The question is not technology for its sake. It is how these innovations can be used responsibly to make international commerce simpler, safer and more efficient for businesses,” he said.
Expanding business access
Mr Asomaning said platforms including the Pan-African Payment and Settlement System (PAPSS), SWIFT and the Cross-Border Interbank Payment System (CIPS), alongside domestic payment systems, offered businesses various channels for transactions across African, regional and global markets.
He said Stanbic Bank’s relationship with the Industrial and Commercial Bank of China, a shareholder in Standard Bank Group, also provided additional support along the China trade corridor.
He stressed that the broader objective was to improve connectivity and enable businesses to identify the most efficient payment route for each transaction while effectively managing associated risks.
The Managing Director of the Graphic Communications Group Ltd, Ato Afful, said the breakfast meeting provided a platform for businesses, policymakers, financial institutions and other stakeholders to discuss issues affecting the economy.