The Bank of Ghana is developing a directive to establish requirements for stablecoin activities in the country, as it moves to strengthen oversight of the emerging virtual asset market.
Governor Dr Johnson Pandit Asiama disclosed this at the maiden African Virtual Assets Summit in Accra on November 2, saying the directive would set clear requirements for stablecoin activities while providing clarity on which activities would be permitted.
“Stablecoins are a priority within this framework indeed. And the Bank of Ghana is currently developing a stablecoin directive,” he said.
The announcement comes as the Bank considers the implications of growing stablecoin adoption for Ghana’s monetary and financial system.
Dr Asiama acknowledged that stablecoins could offer benefits for payments and settlement but warned that their increasing use, particularly those denominated in foreign currencies, could create challenges for monetary policy.
He identified potential implications for monetary sovereignty, currency substitution, capital flows and the effectiveness of monetary policy.
The Governor said innovation in digital finance must support, rather than undermine, monetary and financial stability and confidence in the Ghana cedi.
The directive forms part of the broader regulatory framework being developed following the passage of the Virtual Asset Service Providers Act, 2025 (Act 1154), which established a dedicated legal framework for virtual asset activities in Ghana.
Under the framework, the Bank of Ghana and the Securities and Exchange Commission have separate but coordinated regulatory responsibilities.
Dr Asiama said the Bank was working with the SEC and the Financial Intelligence Centre to develop the necessary regulatory instruments and supervisory arrangements for the sector.
He also pointed to the recent inauguration of the Virtual Assets Coordinating Committee as a platform for cooperation among public institutions involved in virtual asset regulation.
The Governor said the passage of the law was only the beginning, adding that the real test would be translating it into a credible and enforceable framework that gives responsible businesses and investors the certainty needed to operate and invest with confidence.
