Ghana’s rising currency strength is reshaping the way money moves across borders and cryptocurrency appears to be the biggest beneficiary.
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has revealed that an increasing share of remittances from Ghanaians abroad is now flowing through cryptocurrency channels, bypassing traditional banks and money transfer services.
Speaking at the IMF/World Bank Spring Meetings in Washington, DC, Dr Asiama said the central bank began noticing unusual shifts in remittance data earlier this year.
Ghana to regulate cryptocurrency by December – BoG Governor
The changes, he explained, coincided with a period of cedi appreciation, which made official remittance channels less attractive to senders abroad.
“Crypto is one area. We always knew the phenomenon was there. But as some people say, crypto is like the air we breathe, it’s around us. It’s used around us. If you don’t engage in it, you don’t know it’s going on,” Dr Asiama said.
According to him, as the cedi gained value, local returns on remittances dropped, prompting some members of the diaspora to seek alternative and cheaper ways to send funds home.
“When remittances suddenly reduced, we realized that some senders were receiving lesser amounts in local currency terms. And so, we saw a diversion in the channels of transmission, it was no longer going through the banks,” he explained.
Investigations by the Bank of Ghana later confirmed that certain parallel market operators were using stablecoins and other virtual assets to facilitate cross-border transfers.
Dr Asiama noted that this quiet shift reflects the growing practicality of digital currencies in everyday financial transactions, particularly within remittance and informal exchange markets.
He acknowledged, however, that while the trend demonstrates innovation, it also raises concerns about regulatory oversight, transparency, and monetary stability.
To address these issues, the BoG has sought technical assistance from the International Monetary Fund (IMF) to draft a Virtual Assets Bill that will establish a legal framework for cryptocurrency use in Ghana.
The bill aims to ensure that virtual assets operate within safe and transparent systems that support, rather than threaten, financial stability.
“It confirmed our sense that it was an important area. We cannot leave it unregulated. We have to step up and be able to monitor and guide its use,” Dr. Asiama said.
SSD/MA
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