IMF urges Ghana to strengthen crypto oversight

The International Monetary Fund (IMF) has urged Ghana to strengthen its regulatory and supervisory frameworks for cryptocurrency markets ahead of a new regime taking effect in December 2026. Ghana currently holds the position of the fifth largest crypto market in sub-Saharan Africa, with an estimated 8% to 17% of the population participating in transactions totaling approximately $21 billion annually.

While the Virtual Asset Service Providers Act, 2025, provides a legal foundation for licensing and supervising entities such as exchanges, wallet providers, and asset managers, the IMF noted that specific activity-based rules for trading, brokerage, and lending are still missing. The IMF also highlighted the rapid growth of stablecoins used for inflation hedging and cross-border settlements, recommending clearer rules regarding reserve composition, liquidity, and redemption rights to ensure users have direct claims on issuers.

To successfully implement the new system, the IMF emphasized that the Bank of Ghana and the Securities and Exchange Commission (SEC) must improve coordination, enhance technical expertise, and develop robust monitoring systems to manage the large volume of businesses entering the regulated sector.