Ghana is 5th largest crypto market in sub-Saharan Africa; annual transactions around $21bn

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).

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.