The Bank of Ghana (BoG) is working on a dedicated Stablecoin Directive to establish clear regulatory requirements for stablecoin-related activities in Ghana, as it seeks to promote digital financial innovation while safeguarding monetary sovereignty and financial stability. Speaking at the Africa Virtual Assets Summit 2026 in Accra, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the proposed directive would provide regulatory clarity for permissible stablecoin activities while addressing the potential risks associated with the increasing use of digital assets.
He noted that although stablecoins could enhance payment and settlement systems, their growing adoption, particularly those pegged to foreign currencies, could pose challenges to monetary sovereignty, encourage currency substitution, influence capital flows and weaken the effectiveness of monetary policy.
“Innovation in digital finance must support, rather than undermine monetary and financial stability and confidence in the Ghana cedi,” Dr Asiama said. The Governor stressed that regulating the sector did not necessarily require a heavy-handed approach, explaining that virtual asset activities carried different levels of risk and must therefore be regulated according to their nature, scale and complexity.
He said the foundation of a sustainable digital finance ecosystem should be public trust, supported by strong consumer and investor protection, the security of customer assets, financial integrity and reliable links between digital assets and the traditional financial system.
Dr Asiama described the passage of the Virtual Asset Service Providers Act, 2025 (Act 1154), as a major step towards establishing a comprehensive legal framework for the sector, with regulatory responsibilities shared between the Bank of Ghana and the Securities and Exchange Commission (SEC).
However, he cautioned that the passage of legislation was only the starting point, adding that the real challenge lay in translating the law into a credible and enforceable regulatory framework that would provide responsible businesses and investors with the certainty needed to operate and invest confidently.
As part of the implementation process, the Bank of Ghana is collaborating with the SEC and the Financial Intelligence Centre (FIC) to develop the necessary regulatory instruments and supervisory arrangements. The inauguration of the Virtual Assets Coordinating Committee, he added, provides an important platform for strengthening collaboration among relevant public institutions.
Dr Asiama observed that Ghana had already demonstrated its capacity to embrace financial technology on a large scale, citing mobile money platforms, which processed more than one billion transactions valued at approximately GH¢519 billion in August 2026 alone.
He said virtual assets and tokenisation also presented opportunities to address persistent challenges in the financial sector, including limited access to capital, high transaction costs, fragmented financial infrastructure and obstacles to cross-border payments and investment. The Governor said the Bank of Ghana envisioned a more inclusive, efficient and resilient financial system in which traders in Kumasi, cocoa farmers and young technology developers in Accra could benefit from faster, more affordable and secure financial services.
