Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has confirmed that a portion of Ghana’s diaspora remittances is now being transferred through cryptocurrency channels, bypassing traditional banking systems.
Speaking in Washington, D.C., at the ongoing IMF/World Bank Spring Meetings, Dr Asiama said the central bank had observed a noticeable shift in remittance patterns, with some funds now routed through virtual assets and stablecoins instead of regulated financial institutions.
“Crypto is one area. We always knew the phenomenon was there,” he stated. “But as some people say, crypto is like the air we breathe — it’s all around us. If you’re not involved in it, you may not even know it’s happening.”
Shift in Remittance Channels
Dr Asiama explained that the trend became apparent when official remittance inflows unexpectedly declined during a period of cedi appreciation. The stronger local currency, he said, reduced the value of transfers received in Ghana, prompting some members of the diaspora to seek alternative transfer channels.
“We noticed remittances suddenly dropped as the cedi appreciated,” he said. “Those sending money from abroad were getting less in local currency terms, and so some diverted their transfers away from the banking system.”
According to the Governor, the BoG later discovered that parallel market operators were using stablecoins and other virtual assets to move funds into the country.
“Some of these dealers told us they were using stablecoins and similar instruments. Suddenly, there was active use of virtual assets to complete remittance inflows,” he noted.
Regulatory Response
Dr Asiama said this development confirmed the Bank’s earlier suspicion that cryptocurrency use in Ghana was more extensive than previously believed.
“It confirmed our sense that this is an important area we cannot ignore. We need to step up regulation and monitoring,” he said.
He revealed that, with technical assistance from the IMF, the BoG has drafted a Virtual Assets Bill to establish a regulatory framework for cryptocurrency operations and safeguard the financial system from emerging risks.
“We’ve done a lot of work over the past four months to develop the regulatory environment, and with the IMF’s support, we’ve put together a new bill to regulate virtual assets,” Dr Asiama said. “That bill is already on its way to Parliament, and hopefully before the end of December, Ghana will have a legal framework to govern crypto activities.”
Strengthening Oversight
The Governor emphasized that legislation alone would not be sufficient. He said the central bank’s next priority is to develop capacity to track and monitor digital financial flows.
“Passing a law is just one step. Going forward, the ability to monitor those flows will be crucial,” he stressed. “We’re building expertise, recruiting manpower, and setting up a new department dedicated to regulating the sector.”
Dr Asiama concluded by reaffirming the BoG’s commitment to developing the institutional capacity required to oversee Ghana’s rapidly evolving digital finance ecosystem.
“This is an important area we can no longer ignore,” he said. “We are working hard to ensure it is properly regulated and safely integrated into our financial system.”
