WASHINGTON — The Bank of Ghana will begin regulating cryptocurrency platforms and virtual asset providers by the end of September, the central bank’s governor said Tuesday.
This marks a significant policy shift in the country’s financial regulatory landscape.
Governor Dr. Johnson Asiama announced the move during the African Leaders and Partners Forum in Washington, D.C., held on the sidelines of the IMF and World Bank Spring Meetings.
The forum which brought together finance, trade and development leaders from Africa, the United States and Europe, served as a platform to explore strategies for strengthening economic partnerships between the continent and global stakeholders.
Asiama said the plan is contingent on the passage of the proposed Virtual Asset Providers Act, which will formally authorize the Bank of Ghana to license and oversee operations in the digital asset space.
“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets,” Asiama said. “This is a technology we cannot prevent, hence the need to move fast to regulate it.”
The move comes as cryptocurrency use continues to rise among Ghanaian consumers and businesses, despite the absence of formal oversight.
Popular digital currencies such as Bitcoin and Ethereum have gained traction in the country, prompting calls for a clearer regulatory framework.
In August 2024, the Bank of Ghana issued draft guidelines aimed at introducing mandatory registration, anti-money laundering compliance and internal controls for Virtual Asset Service Providers (VASPs).
Those proposals are expected to form the foundation of the upcoming legislation and are designed to protect investors and maintain financial stability.
Asiama’s comments also reflect the central bank’s broader digital finance agenda, including plans to roll out Ghana’s central bank digital currency, known as the eCedi.
First announced in 2021, the eCedi forms part of the government’s efforts to promote digital payments and enhance financial inclusion.
Despite the regulatory push, Asiama warned of the risks associated with cryptocurrency trading.
He noted high market volatility and the susceptibility of digital assets to sudden price swings.
“This is not without risk,” Asiama said. “We encourage all investors and participants to understand these risks as we work to bring the necessary safeguards to the market.”