BoG warns foreign-currency stablecoins could threaten monetary sovereignty
The Bank of Ghana (BoG) has warned that the growing use of foreign-currency stablecoins could undermine the country's monetary sovereignty and weaken its ability to implement monetary policy.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the increasing adoption of digital assets could encourage the use of foreign currencies over the Ghana cedi, affect capital flows and create risks for financial stability.
Speaking at the Africa Virtual Assets Summit 2026, Dr Asiama acknowledged the potential benefits of stablecoins for payments and settlement but cautioned against the implications of their expanding use, particularly those denominated in foreign currencies.
“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.
To address the concerns, Dr Asiama disclosed that the Bank was developing a stablecoin directive to guide activities in the sector.
The BoG is also working with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) to develop regulatory instruments and supervisory arrangements for virtual assets.
Dr Asiama described the passage of the Virtual Asset Service Providers Act, 2025 (Act 1154), as a major step towards regulating virtual assets in Ghana.
He said the expansion of digital finance must be accompanied by safeguards to protect monetary and financial stability and sustain confidence in the Ghana cedi.
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