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 criticized the guidelines and regulations surrounding cryptocurrency in Ghana as lacking comprehensive oversight. The IMF has urged the development of activities-based guidelines in key areas such as trading, brokerage services, and lending, as well as the finalization of rules on Special Contingent Accounts (SCAs).
The recommendations, outlined in a report titled "Regulation and Supervision of Crypto Markets and Activities," call for the authorities to ensure they are prepared for licensing and supervision to fulfill their mandates of consumer protection, market integrity, and financial stability. The IMF expects a regime to go live in December 2026, with numerous guidelines still in the development stage.
Implementing a transitional regime is deemed important due to the size and dynamism of Ghana's crypto market, where many entities may seek licenses. While the policy sandbox offers some transitional support, it is primarily intended to inform guidelines rather than create a separate regulatory framework. The IMF emphasizes the need for licensing processes to be consistent across crypto entities, regardless of their institutional arrangements, by adapting licensing forms to be activity-specific.
Reporting requirements should also be aligned between relevant authorities to the greatest extent possible. The IMF's mission has developed licensing checklists, risk assessment tables, and reporting templates for Crypto-Asset Service Providers (CASPs) and SCAs. The report concludes that while Ghanaian authorities are making progress on regulation and preparation for licensing and supervision, the policy sandboxes have the potential to be highly effective.
However, the authorities must ensure that Ghana is ready to operationalize the regime and implement the recommended actions. Ghana ranks fifth among crypto markets in sub-Saharan Africa, with adoption rates increasing. Data indicates that between 8% and 17% of the population have bought or sold crypto, with estimated annual crypto transactions reaching $21 billion.
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