BoG developing Stablecoin Directive to regulate digital asset activities – Governor

The Bank of Ghana (BoG) is developing a Stablecoin Directive to establish clear requirements for stablecoin activities in the country as part of efforts to strengthen regulation of the emerging virtual asset sector.

Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the directive would provide clarity on permitted activities while ensuring that digital financial innovation does not undermine monetary and financial stability.

Speaking at the Africa Virtual Assets Summit (AVAS) 2026 at the Kempinski Hotel Gold Coast City in Accra on Monday, November 2, Dr Asiama said the central bank was working with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) to develop the necessary regulatory instruments and supervisory arrangements.

He said the growing adoption of stablecoins, particularly those denominated in foreign currencies, could affect monetary sovereignty, currency substitution, capital flows and the effectiveness of monetary policy.

“Stablecoins may offer benefits for payments and settlement, but their growing adoption, particularly those denominated in foreign currencies, could have implications for monetary sovereignty, currency substitution, capital flows and the effectiveness of monetary policy,” he said.

Dr Asiama stressed that digital financial innovation must support rather than weaken confidence in the Ghana cedi and the broader financial system.

He said the regulatory approach would not be intended to stifle innovation, noting that virtual asset activities carried different levels of risk and should be regulated according to their nature, scale and complexity.

“What it does require is trust, built on consumer and investor protection, the safeguarding of customer assets, financial integrity, and sound connections with the traditional financial system,” he said.

Dr Asiama said the Virtual Asset Service Providers Act, 2025 (Act 1154), had established a dedicated legal framework for virtual assets, with regulatory responsibilities shared between the BoG and SEC.

He said the focus was now on translating the law into an enforceable framework that would give responsible businesses and investors the certainty to operate in Ghana.

He also cited the inauguration of the Virtual Assets Coordinating Committee as an important platform for cooperation among relevant public institutions.

Beyond regulation, Dr Asiama said virtual assets and tokenisation could address challenges such as limited access to capital, high transaction costs and barriers to cross-border payments.

He identified cheaper diaspora remittances, improved trade settlement under the African Continental Free Trade Area (AfCFTA) and new financing opportunities for small businesses as potential benefits.

“By representing ownership of, or rights to, assets such as securities, commodities and trade receivables in digital form, it could allow a small exporter to obtain financing earlier and at lower cost, reduce settlement times from days to minutes, and give smaller enterprises new channels for raising capital,” he said.

Dr Asiama said mobile money platforms processed more than one billion transactions valued at approximately GH¢519 billion in August 2026, demonstrating Ghana’s capacity to adopt financial technology.

He said the country must build a financial system that is more inclusive, efficient and resilient.

“Our collective task is not simply to build a digital asset market. It is to build an ecosystem that is safe enough to be trusted, inclusive enough to serve our people, and innovative enough to support Africa’s future,” he said.

MA