Guidelines, regulations of cryptocurrency in Ghana fall short of comprehensive oversight – IMF
In its recommendation on a report titled “Regulation and Supervision of Crypto Markets and Activities, it wants the authorities to ensure they are ready for licensing and supervision to achieve their mandates of consumer protection, market integrity, and financial stability.
The International Monetary Fund (IMF) has expressed concerns that the guidelines and regulations governing cryptocurrency in Ghana are not comprehensive enough, calling for more robust oversight in key areas such as trading, brokerage services, and lending. The IMF also wants to finalize rules regarding Special Contingent Accounts (SCAs) and ensure that authorities are prepared for licensing and supervision to protect consumers, maintain market integrity, and ensure financial stability.
The recommendation, made in a report titled "Regulation and Supervision of Crypto Markets and Activities," suggests that the authorities must be ready for licensing to achieve their mandates. With a regime set to launch in December 2026 and several guidelines still pending, the IMF emphasized the importance of implementing a transitional regime given the size and dynamism of Ghana's crypto market.
The IMF noted that while the policy sandbox can provide a transition period, it should inform guidelines rather than create a parallel regulatory regime. They also recommended that licensing processes for crypto entities should deliver similar outcomes through comparable formats, and that reporting requirements should be aligned between relevant authorities. The IMF has developed licensing checklists, risk assessment tables, and reporting templates for Crypto-Asset Service Providers (CASPs) and SCAs.
The IMF concluded that Ghana is making good progress on regulation and preparation for licensing and supervision, but that the policy sandboxes have the potential to be extremely effective. However, they stressed that the authorities must ensure Ghana is ready to operationalize the regime and take these recommendations forward. According to data, around 8% to 17% of Ghana's population have bought or sold crypto, with estimated annual crypto transactions reaching $21 billion, making it the fifth largest crypto market in sub-Saharan Africa.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
