Ghana’s Central Bank Confirms Growing Use of Crypto for Diaspora Remittances

The Bank of Ghana (BoG) has confirmed that a significant portion of diaspora remittances is now being transferred through cryptocurrency platforms instead of traditional banking systems.

Governor of the Bank, Dr. Johnson Asiama, disclosed this development during the IMF/World Bank Spring Meetings in Washington D.C., revealing that the Central Bank has observed a noticeable shift in how funds are entering the country.

“Crypto is one area we always knew existed, but recent data show that part of our remittance inflows now pass through virtual assets such as stablecoins,” Dr. Asiama said.

According to him, the trend became evident after official remittance figures suddenly declined, coinciding with a period when the cedi gained strength against major currencies. The appreciation, he explained, reduced the local value of foreign transfers, prompting senders to seek alternative, higher-value channels.

“What we observed was that some of the parallel market dealers facilitating inflows were using stablecoins and other digital currencies,” the BoG governor said. “That confirmed our earlier belief that crypto activity in Ghana is far more extensive than previously thought.”

In response, the BoG, with technical assistance from the International Monetary Fund (IMF), has drafted a Virtual Assets Bill aimed at regulating the use of cryptocurrencies and safeguarding Ghana’s financial system.

“The new bill has been finalized and is on its way to Parliament. Hopefully, by December, Ghana will have a clear legal framework to regulate crypto activities,” Dr. Asiama announced.

He added that beyond regulation, the Central Bank is also developing the technical capacity to monitor digital financial flows through a newly established department dedicated to virtual asset supervision.

“Passing a law is just one step. The ability to track and monitor these flows will be key,” he said. “We are training personnel and building institutional expertise to effectively oversee this fast-evolving ecosystem.”

The move marks Ghana’s strongest policy response yet to the rise of cryptocurrency-based remittances, a trend increasingly seen across Africa as digital currencies become a preferred tool for faster and cheaper cross-border transactions.