The Bank of Ghana (BoG) has encouraged virtual asset and digital financial service providers to explore the development of local stablecoins as a way
The Bank of Ghana (BoG) has encouraged virtual asset and digital financial service providers to explore the development of local stablecoins as a way of supporting the stability of the Ghana cedi.
Acting Head of Fintech and Virtual Assets at the Bank of Ghana, Owuraku Asare, said that as the country prepares to roll out a regulatory framework for the sector, stakeholders must ensure that foreign exchange (forex) trading activities do not erode the recent gains made by the local currency.
According to him, locally developed stablecoins pegged to the cedi could help consolidate the currency’s improved performance against major international trading currencies and reduce future forex-related pressures.
“We need to be very careful that individual personal finance gains do not wipe out the gains of our local currency against major trading currencies,” he said.
“If we can have stablecoins in local currency that give the Ghana cedi a little more strength, then why not?” he added.
Asare explained that while the central bank cannot prevent individuals from buying and selling foreign currencies, it will continue to advocate innovations that strengthen Ghana’s financial ecosystem.
He made the remarks at the Ghana Virtual Assets and Financial Services Symposium, organised by the Chamber of Digital Assets and Blockchain Innovations-Ghana (CDABI) in partnership with the Financial Intelligence Centre (FIC), the Bank of Ghana and the Securities and Exchange Commission (SEC).
A stablecoin is a cryptocurrency designed to maintain a stable value, usually pegged on a 1:1 basis to a fiat currency such as the US dollar or to a commodity like gold. Unlike highly volatile digital assets such as Bitcoin, stablecoins aim to offer price stability for payments, trading and decentralised finance (DeFi) activities. They are typically backed by reserves of the underlying asset or maintained through algorithmic supply mechanisms.
Deputy Director-General of the Securities and Exchange Commission, Mensah Thompson, said Ghana’s improving macroeconomic environment presents an opportunity to deepen market development and advance regulatory and strategic initiatives.
He noted that the SEC has implemented targeted measures to safeguard market integrity, boost investor confidence and promote sustainable growth within the capital market.
“As part of these efforts, the commission is developing Guidelines for Digital and Online Foreign Exchange Trading Activities,” he said. “These guidelines are intended to provide regulatory clarity, establish appropriate safeguards and ensure that emerging digital trading platforms operate in a manner that protects investors, promotes transparency and upholds the integrity and stability of our financial system.”
Thompson added that the SEC is working closely with the Bank of Ghana to ensure consistency in policy direction, supervision, enforcement and public communication.
President of CDABI, Caleb Afaglo, emphasised that virtual assets are becoming a permanent feature of the global financial landscape and that Ghana is positioning itself to tap into the growing multi-trillion-dollar industry.
He commended regulatory institutions, including the Bank of Ghana, the Securities and Exchange Commission and the Financial Intelligence Centre, for their openness and forward-looking approach, which he said balances innovation with compliance.
“This symposium brings together regulators, professional institutions, academia and industry players to foster trust, transparency and understanding in this new era of regulation,” Afaglo said.
He added that Ghana is taking deliberate and responsible steps to ensure that virtual asset innovation evolves within a framework built on trust, integrity and resilience.
“Through collaboration between regulators, industry and stakeholders, we will build an ecosystem that commands both domestic confidence and international respect,” he stressed.
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