Standard Chartered recently hosted its inaugural Digital Assets Summit in Accra, highlighting digital assets' growing impact on payment systems. The bank estimates Africa's and Ghana's digital asset ecosystem already involves billions of dollars in activity. Standard Chartered research projects the global stablecoin market will expand significantly, reaching US$2 trillion by 2028.
This expected growth stems from digital assets' ability to improve the speed, cost, and accessibility of cross-border transactions. Businesses and consumers in emerging markets seek more efficient payment and savings mechanisms. Stablecoins, a type of digital currency, are moving payment and savings activities outside traditional financial systems. This shift creates opportunities for greater efficiency but also demands stronger regulatory oversight and risk management.
This development aligns with Ghana's broader economic narrative of embracing digital transformation. The Bank of Ghana and the Securities and Exchange Commission are actively developing regulatory frameworks for virtual asset service providers. These efforts aim to balance innovation with financial stability, consumer protection, and anti-money laundering standards. This trend builds on Ghana's success with mobile money, which significantly deepened financial inclusion.
Rene Michau, Standard Chartered's Global Head of Digital Assets, stated, “The most transformative trend for cross-border payments will be stablecoins and other forms of digital money.” He noted that existing infrastructure creates friction in intra-African trade and payments. Michau emphasized that successful adoption requires balancing innovation with regulation. New forms of money must operate within trusted and well-supervised frameworks.
The expansion of digital assets promises significant implications for Ghana's economy and beyond. Faster settlement times can improve working capital management for businesses. Ghanaian traders could make near real-time payments to suppliers in neighboring countries for example. This reduces the need to hold idle foreign currency balances and mitigates risks associated with physical cash. The focus for digital assets is primarily on improving payment efficiency rather than replacing existing monetary systems.
Jojo Bannerman, Executive Director and Head of Markets at Standard Chartered Bank Ghana PLC, explained, “Digital assets are an additional tool within the ecosystem.” He stressed that existing regulations around payments and currency sovereignty remain in place. Beyond payments, the tokenization of financial assets, where assets are represented digitally on blockchain platforms, offers new opportunities. This could deepen capital markets and create alternative financing channels for businesses.
Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, affirmed that digital assets now form a significant component of Ghana’s financial ecosystem. He highlighted their potential to support capital formation, cross-border trade, and financial inclusion. Dr. Mumuni noted that over 3 million Ghanaians are estimated to participate in the digital asset ecosystem. This involvement accounts for activity worth billions of dollars.