Cedi Stability Remains Top Priority Amid Digital Asset Disruptions – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has reaffirmed that maintaining the stability of the Ghana cedi remains a central focus of the Bank’s monetary policy amid rising disruptions from the growing use of digital assets globally.
Delivering a speech on his behalf at the 29th National Banking and Ethics Conference in Accra, themed “Maintaining Stability of the Currency in an Era of Digital Asset Disruptions,” Director of the Banking Supervision Department at the BoG, Ismail Adam, said the proliferation of cryptocurrencies and peer-to-peer transactions presents both opportunities and challenges for central banks, particularly in emerging markets.
Dr Asiama noted that millions of dollars in hard currency flow monthly through crypto wallets and informal platforms, undermining regulatory oversight of capital movements and monetary policy enforcement. He cautioned that remittance diversion through crypto channels continues to bypass traditional banks, heightening risks of money laundering and terrorist financing.
To address these developments, the Governor revealed that the BoG, in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), has developed the Virtual Asset Service Providers (VASP) Bill to regulate entities operating in the digital asset space. The VASP framework, he explained, will ensure compliance with global AML/CFT standards and prevent regulatory arbitrage and digital asset-induced disruptions.
He added that the Bank has begun registering virtual asset providers, including crypto exchanges, wallet operators, and stablecoin issuers as part of a market assessment exercise.
Speaking further, the Governor emphasised the BoG’s commitment to innovation through the piloting of the Central Bank Digital Currency (CBDC), the e-Cedi, which aims to preserve monetary sovereignty, enhance policy transmission, and provide a safe, legal alternative to private digital assets.
Highlighting the cedi’s gains for this year, Dr Asiama disclosed that the cedi has appreciated by 37.04% year-to-date (as of October 17, 2025), reversing a 19.2% depreciation in 2024. The World Bank, he said, ranks the cedi as the best-performing currency in Sub-Saharan Africa during the first eight months of 2025 – a development that underscores improving fundamentals and policy credibility.
