The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that the central bank will soon begin regulating cryptocurrencies and digital asset platforms across the country. According to Dr. Asiama, the BoG expects to launch its regulatory framework by the end of September 2025, provided that the new Virtual Asset Providers Act is passed into law.
Speaking at the African Leaders and Partners Forum, hosted by the EBII Group during the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C., Dr. Asiama stressed that cryptocurrencies and virtual assets represent a technological trend that can no longer be ignored.
He emphasized that the BoG’s move into the digital asset space is critical for ensuring financial stability, protecting consumers, and supporting responsible innovation.
Legislative Foundations: The Virtual Asset Providers Act
Central to the BoG’s upcoming regulatory efforts is the proposed Virtual Asset Providers Act.
This bill, currently under review, will empower the Bank of Ghana with the authority to license, monitor, and supervise entities operating within the virtual asset ecosystem.
It covers a wide range of platforms, including cryptocurrency exchanges, digital wallet providers, and blockchain-based financial services companies.
Dr. Asiama explained that the Act is designed to close regulatory gaps that currently expose Ghana’s financial sector to risks such as fraud, illicit transactions, and money laundering.
“Cryptocurrencies have introduced new opportunities, but they have also brought risks that our current regulatory frameworks do not fully address,” he noted.
Once passed, the legislation will establish clear guidelines on operational standards, capital requirements, consumer protection measures, and anti-money laundering (AML) obligations for all virtual asset service providers.
Establishing a Specialized Digital Assets Unit
To prepare for the upcoming shift, the BoG has begun creating a dedicated unit focused solely on the regulation and oversight of digital assets.
This specialized division will be responsible for supervising crypto-related activities, licensing providers, monitoring compliance, and enforcing regulations across the digital finance sector.
Dr. Asiama emphasized the urgency of this move, stating, “This is a technology we cannot prevent, hence the need to move fast to regulate it.”
The unit will also work closely with international financial watchdogs, technology experts, and local stakeholders to ensure that Ghana’s regulatory framework aligns with global best practices.
This collaborative approach is essential in a digital world where financial activities easily transcend borders.
Ghana’s Growing Crypto Sector: Opportunities and Risks
Ghana has seen a notable increase in cryptocurrency adoption over the past five years, driven largely by youth interest, financial inclusion efforts, and rising demand for alternative investments.
Peer-to-peer bitcoin trading volumes in Ghana, for instance, have consistently ranked among the top in Africa, alongside countries like Nigeria, Kenya, and South Africa.
However, the absence of clear regulations has left the sector vulnerable to scams, fraud, and operational failures.
Several Ghanaians have fallen victim to fraudulent crypto investment schemes that promised high returns but ultimately collapsed.
By implementing a structured regulatory framework, the BoG aims to harness the benefits of cryptocurrencies—such as faster payments, financial inclusion, and fintech innovation—while mitigating the risks that could destabilize the economy or erode public trust.
Strengthening Africa-U.S. Trade Relations Through Digital Finance
The African Leaders and Partners Forum, where Dr. Asiama made these announcements, also focused on boosting trade and investment between Africa and the United States.
The forum brought together leaders from finance, trade, agriculture, and technology sectors across Ghana, the U.S., Europe, and the Americas.
With the rise of digital assets, financial technologies are becoming an important bridge for enhancing Africa-U.S. economic relations.
Dr. Asiama pointed out that a well-regulated crypto sector could attract American investors, fintech companies, and venture capitalists interested in Africa’s burgeoning digital economy.
A clear regulatory environment could position Ghana as a leading fintech hub in West Africa, further supporting the government’s broader goals of economic diversification and job creation.
Looking Ahead: Implementation and Expectations
Upon the Virtual Asset Providers Act’s passage, the BoG plans to roll out a phased licensing and registration process for crypto service providers.
The central bank will issue detailed guidelines, including minimum capital requirements, cybersecurity standards, reporting obligations, and consumer protection frameworks.
Entities that fail to meet the new standards or operate without authorization could face significant penalties, including license revocation, hefty fines, and criminal charges.
Dr. Asiama assured that while the BoG aims to be firm in its oversight, it will also support innovation by working collaboratively with fintech startups and entrepreneurs.
“This is not about stifling innovation,” he said. “It’s about creating a secure environment where innovation can thrive.”
Overall, the Bank of Ghana’s swift move into cryptocurrency regulation signals a major turning point for the nation’s financial system—one that could safeguard its economy against digital risks while unlocking the full potential of blockchain-driven innovation.
