The Bank of Ghana (BoG) and the secretariat of the African Continental Free Trade Area (AfCFTA) are exploring the potential of stablecoins to lower the cost of cross-border payments across the continent. This initiative forms part of a wider effort to integrate national payment systems, a goal highlighted by BoG Governor Dr. Philip Addison Asiama during a recent panel discussion at the 2026 Africa Prosperity Dialogues in Aburi.

Governor Asiama emphasized the need to move beyond fragmented national systems. "We are working to integrate Africa’s payment systems to boost trade," he stated, noting that the current high costs of cross-border transactions are a significant barrier to intra-African commerce under the AfCFTA framework. The exploration of stablecoins, which are digital assets pegged to a stable reserve like a fiat currency, represents a technological avenue to address this friction.

This exploration coincides with the BoG's plans to expand the pilot of its central bank digital currency (CBDC), the e-Cedi, into the realm of cross-border settlement. The bank has signaled that the next phase of the e-Cedi project will focus on enabling its use for international trade and remittances, targeting enhanced financial integration. A specific goal is to facilitate payments for goods and services between Ghana and other nations, leveraging the digital currency's potential for faster and cheaper settlement.

Ghana is already participating in practical tests of cross-border payment interoperability. Alongside Rwanda and Zambia, the country is trialing an interoperable system that links Ghana’s GhIPSS Instant Pay (GIP) with the respective instant payment platforms in Rwanda and Zambia. This pilot, facilitated by the African Export-Import Bank (Afreximbank), allows for real-time money transfers between individuals and businesses in the three countries, demonstrating a foundational step towards the seamless regional network envisioned by policymakers.

The push for integrated payments and the examination of digital currency tools like stablecoins and CBDCs are driven by the economic imperatives of the AfCFTA. Proponents argue that reducing transaction costs and settlement times is critical for unlocking the agreement's full potential, which aims to create a single market for goods and services across 55 nations. High remittance fees and complex correspondent banking relationships have long been cited as obstacles to economic growth and financial inclusion in Africa.

While the BoG and AfCFTA's stablecoin exploration is in a preliminary phase, it indicates a growing openness among African financial authorities to blockchain-based solutions for longstanding infrastructural challenges. The concurrent development of the e-Cedi for cross-border use and the live interoperability tests with neighboring countries suggest a multi-pronged strategy. The ultimate objective is to create a more connected African financial ecosystem that supports trade, reduces dependency on external currencies, and lowers costs for consumers and businesses alike.