Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), has announced plans for the central bank to begin regulating cryptocurrency platforms and virtual asset providers by the end of September 2025. This marks a significant development in Ghana’s financial regulatory environment.
Speaking at the African Leaders and Partners Forum in Washington, D.C., held alongside the IMF/World Bank Spring Meetings, Dr. Asiama noted that the initiative hinges on the upcoming passage of the Virtual Asset Providers Act. This legislation will officially grant the BoG the authority to license and oversee digital asset operations.
“To improve oversight of digital assets and platforms, the Bank is setting up a dedicated unit focused specifically on this area,” Dr. Asiama said. “This is an innovation we can’t ignore, so swift regulation is necessary.”
This regulatory move comes as digital finance grows rapidly in Ghana, with more consumers and businesses embracing cryptocurrencies like Bitcoin and Ethereum, despite the current lack of clear regulations.
In August 2024, the BoG released draft guidelines proposing mandatory registration, anti-money laundering (AML) protocols, and strict internal governance for Virtual Asset Service Providers (VASPs). These guidelines are expected to underpin the new law, aiming to ensure financial stability and investor protection.
The forum brought together stakeholders in finance, trade, and development from Ghana, the U.S., Europe, and other African countries to explore avenues for strengthening international cooperation.
Dr. Asiama also emphasized the BoG’s broader vision for digital finance, which includes the eventual launch of Ghana’s central bank digital currency, the eCedi. First announced in 2021, the eCedi forms part of national efforts to promote economic digitization and financial inclusion.
He, however, warned of the risks tied to crypto investments, highlighting their price volatility and susceptibility to market fluctuations.
Source: graphic.com.gh
