Ghana needs to strengthen its regulatory and supervisory framework for crypto markets before new rules take effect in December 2026, the International Monetary Fund (IMF) said, warning that existing guidelines do not yet provide comprehensive oversight of a rapidly expanding market.

Ghana is the 5th largest crypto market in sub-Saharan Africa, with an estimated 8% to 17% of the population having bought or sold crypto and annual transactions of about $21 billion, the IMF said in a September 2026 technical assistance report. Stablecoins are growing rapidly driven mainly by crypto trading and inflation hedging while their use for cross-border settlement among businesses is also increasing. Retail remittance use remains limited.

 

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The IMF said Ghana’s December 2025 Virtual Asset Service Providers Act gives the Bank of Ghana (BoG) and Securities and Exchange Commission (SEC Ghana) powers over different parts of the market, including

  • stablecoin issuance,

  • wallets,

  • payments,

  • trading platforms,

  • brokers,

  • lending, and

  • tokenization.

But activity-specific rules are still missing for areas including trading, brokerage, and lending.

 

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Stablecoins are a particular regulatory focus.

 

The IMF said Ghana’s proposed framework needs clearer rules on foreign- and Cedi-denominated stablecoins, reserve composition, stabilization, and redemption. It recommended that users have a direct claim on issuers, with redemption at par, while the central bank should establish clearer requirements for reserve liquidity and withdrawal timeframes.

The report also called for

  • stronger market-abuse and custody rules,

  • standardized reporting,

  • activity-based licensing, and

  • closer coordination between the Bank of Ghana and SEC Ghana.

It said regulators should begin monitoring crypto-market inter-connections before the new regime becomes fully operational, including through blockchain analytics and market studies.

The IMF said Ghana has made progress in building the regulatory framework and policy sandboxes but authorities now need to move from drafting rules to operational readiness as the licensing regime approaches.

 

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