Crypto is Inevitable but Must Be Regulated – BoG Governor

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has acknowledged the unstoppable rise of cryptocurrency but stressed the importance of regulation to safeguard the country’s financial system.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, July 15, Dr. Asiama likened crypto to an unavoidable force. “Crypto is like the air we breathe — you can’t stop it. So let’s regulate it properly,” he remarked.

He revealed that the central bank is finalizing a regulatory framework aimed at overseeing cryptocurrency platforms and Virtual Asset Service Providers (VASPs). This initiative aligns with Ghana’s commitments to anti-money laundering (AML) efforts and financial system stability.

To ensure effective oversight, the Bank of Ghana is collaborating with institutions such as the Financial Intelligence Centre (FIC) and the Ministry of Finance.

The forthcoming framework will outline licensing procedures, enforce operational standards, and introduce safeguards to prevent illicit activities, including fraud and money laundering.

“The expansion of digital financial tools must not erode public trust in the financial system,” Dr. Asiama cautioned. “We are not against innovation. The focus isn’t on banning crypto, but on regulating it responsibly.”

Ghana’s move places it among progressive African nations working to create a balanced regulatory environment that supports fintech innovation while maintaining financial integrity.

As the digital finance landscape continues to evolve, the Bank of Ghana’s efforts are expected to offer clarity and stability for investors, service providers, and consumers operating in the crypto space.