The Bank of Ghana (BoG) has reaffirmed its commitment to maintaining the stability of the Ghana cedi while regulating digital assets to safeguard the financial system from emerging risks.
Delivering a speech on behalf of the Governor, Dr. Johnson Pandit Asiama, at the 29th National Banking and Ethics Conference organised by the Chartered Institute of Bankers (CIB) Ghana, the Director of Banking Supervision, Mr. Ismail Adam, described the conference theme, “Maintaining Stability of the Currency (Cedi) in an Era of Digital Asset Disruptions”, as timely and central to protecting Ghana’s economic wellbeing.
“This conference will serve as a call to action for financial institutions in Ghana to uphold high ethical standards, ensuring trust and integrity remain central to banking practices,” he said.
Mr. Adam explained that the rise of digital assets presents both opportunities and challenges for central banks worldwide.
According to him, millions of hard currency flow monthly through crypto wallets and peer-to-peer platforms, often outside formal banking channels, undermining the regulators’ ability to monitor capital flows and enforce monetary policy.
He noted that while economic actors are using stable coins and other cryptocurrencies pegged to the US dollar increasingly as a hedge against currency volatility, the speculative nature of cryptocurrencies worsens the volatility in the financial system.
“For Ghana, maintaining the stability of the cedi remains a top priority amidst these disruptions,” he stressed.
Mr. Adam revealed that the Bank of Ghana is shifting from a cautionary stance to active regulation of virtual assets through the development of the Virtual Asset Service Providers (VASP) Bill in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC).
“The VASP provides the legal framework for the regulation of all virtual assets service providers, safeguarding the overall stability of Ghana’s financial sector by preventing digital asset-induced system disruptions, regulatory arbitrage and currency substation,” he said.
“This would further ensure that service providers comply with global AML/CFT requirements with robust due diligence and reporting mechanisms.”
He announced that the Bank of Ghana has commenced registration of virtual asset providers, including crypto exchanges, wallet providers, custody services, and issuers of digital assets like stablecoins, operating in Ghana as part of data gathering and market assessment purposes.
Mr. Adam also highlighted Ghana’s progress in piloting the Central Bank Digital Currency (CBDC), the e-Cedi, to preserve monetary sovereignty, strengthen monetary policy transmission, and provide a legal, safe, and programmable alternative to private digital assets.
Presenting the country’s current economic indicators, Mr. Adam said,“The Ghana cedi has appreciated cumulatively by 37.04 percent year-to-date (October 17, 2025), reversing the sharp 19.2 percent depreciation in 2024 a powerful signal of improving fundamentals and policy credibility.”
He stated that the World Bank had proclaimed the cedi as the best-performing currency in Sub-Saharan Africa in the first eight months of 2025.
“Inflation has eased to 8.0 percent in October 2025 from 23.8 percent in December 2024, driven by tight monetary policy stance, exchange rate stability, and a broad moderation in price pressures,” he said.
He further revealed that gross international reserves increased to US$11.4 billion, equivalent to 4.8 months of import cover, offering a meaningful cushion against external risks, amidst a strong trade surplus of US$6.8 billion in September 2025.
“These gains reflect deliberate action by the Bank of Ghana, working collaboratively with Government to implement strategy initiatives anchored on restoring stability, rebuilding market confidence, and laying the foundations for sustained growth,” he explained.
“While the stability of the cedi could be threatened by global dynamics, including a possible rebound in the US dollar or reduction in commodity prices, our domestic policy stance is strong enough to cushion such shifts,” he added.
Mr. Adam also used the occasion to caution against speculative behaviour in the currency market.
“As we commemorate the 60th anniversary of the issue of the cedi, I pronounced that the market dynamics have changed in reflection of the policy environment and holding dollars in anticipation of a return to currency depreciation may not be a wise choice,” he said.
“We should all reaffirm our collective responsibility to protect the value and integrity of the currency. In addition to being a medium of exchange, the Cedi is a symbol of our pride, heritage and shared aspirations for a prosperous future.”
