The Bank of Ghana (BoG) plans to begin regulating cryptocurrency platforms and virtual asset providers by the end of September 2025, according to Governor Dr. Johnson Asiama. This new regulatory approach will mark a significant shift in the country’s financial policy. Dr. Asiama announced this at the African Leaders and Partners Forum in Washington, D.C., during the IMF/World Bank Spring Meetings.
The regulation will be made possible by the passage of the Virtual Asset Providers Act, which will grant the Bank of Ghana the authority to license and oversee digital asset operations. Dr. Asiama emphasized the necessity of embracing and regulating this growing sector, stating that digital finance, including cryptocurrencies, cannot be prevented and that the BoG needs to act quickly to ensure proper oversight.
As digital finance continues to expand, Ghanaian consumers and businesses are increasingly engaging with cryptocurrencies like Bitcoin and Ethereum. However, the country currently lacks a clear regulatory framework for the sector. To address this, the Bank of Ghana released draft guidelines in August 2024. These guidelines propose mandatory registration for Virtual Asset Service Providers (VASPs), anti-money laundering (AML) compliance, and internal control measures to ensure financial stability and protect investors. These guidelines will likely form the foundation of the new regulations.
The forum where Dr. Asiama spoke was aimed at strengthening trade and financial cooperation between Africa and the rest of the world. It brought together various stakeholders from policy, finance, trade, and development sectors across Africa, the U.S., and Europe.
Dr. Asiama also highlighted the Bank of Ghana’s broader plans for digital finance, including the introduction of the eCedi, Ghana’s central bank digital currency (CBDC). Announced in 2021, the eCedi aims to support the digitalization of the economy and promote financial inclusion.
Despite the promising developments, Dr. Asiama warned investors about the risks of cryptocurrency trading. He pointed out that cryptocurrencies are highly volatile, with prices subject to significant fluctuations.
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