Ghana is 5th largest crypto market in sub-Saharan Africa; annual transactions around $21bn
According to a report by the International Monetary Fund, stablecoins are rapidly growing, but the main use cases remain in crypto trading and as a hedge against inflation although the use in cross border settlement in the informal and semi-formal economy is growing.
Ghana has emerged as the fifth largest cryptocurrency market in sub-Saharan Africa, with an annual transaction volume of approximately $21 billion. According to a report by the International Monetary Fund, around 8% to 17% of Ghana's population have engaged in buying or selling cryptocurrency. The primary uses for cryptocurrencies in the country are trading and as a means to combat inflation, with cross-border settlements in the informal and semi-formal economy also gaining traction.
However, the use of stablecoins for retail remittances remains minimal. The report, titled "Regulation and Supervision of Crypto Markets and Activities," suggests that stablecoins may see increased adoption in the future. Ghana enacted legislation on crypto markets and activities, including stablecoins, in December 2025. This legislation, known as the Virtual Asset Service Providers Act 2025, empowers the Bank of Ghana and the Securities and Exchange Commission to regulate cryptocurrency markets and activities.
The IMF report was released following a technical assistance mission to Ghana, which assessed the regulation and supervision of crypto asset service providers and stablecoin arrangements against global standards set by the Financial Stability Board and the International Organization of Securities Commissions.
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