Ghana is the fifth largest crypto market in sub-Saharan Africa with adoption increasing.
Data suggests that between 8% and 17% of the population have bought or sold crypto, with estimated annual crypto transactions around $21 billion.
According to a report by the International Monetary Fund, stablecoins are rapidly growing, but the main use cases remain in crypto trading and as a hedge against inflation although the use in cross border settlement in the informal and semi-formal economy is growing.
Titled “Regulation and Supervision of Crypto Markets and Activities”, the Fund said the use of stablecoins in retail remittances is negligible but may grow. “Asset tokenization is a small but growing area of crypto markets”.
Ghana passed legislation on crypto markets and activities, including stablecoins, in December 2025. The Virtual Asset Service Providers Act 2025 (the Act) gives the BoG and SEC power over crypto markets and activities
The IMF report was outdoored when the Monetary and Capital Markets (MCM) concluded a technical assistance mission to Ghana on the regulation and supervision of crypto markets.
The mission covered the regulation and supervision of crypto asset service providers (CASPs) and stablecoin arrangements (SCAs) for the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
It reviewed prudential and conduct frameworks for CASPs and SCAs against global standards and recommendations set by the Financial Stability Board, and the International Organization of Securities Commissions.
