Efforts to regulate and bring digital asset platforms under formal oversight are on course, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said.
He disclosed that the BoG had completed work on a Virtual Asset Bill to regulate Virtual Asset Service Providers including cryptocurrency exchanges and digital asset platforms.
Dr Asiama said it was currently with the Attorney General’s Department for review.
“The Virtual Assets Bill, yes, we’ve done much work on the bill. The bill is ready. It is now at the Attorney General’s Department. In fact, from Friday, we are meeting the Finance Committee of Parliament to take them through that bill. We really want to pass that bill before the end of this year,” he stated.
The Governor made this known in Accra on Wednesday at a press conference after the 126th regular meeting of the Monetary Policy Committee (MPC).
At the meeting, the MPC, by a majority decision, cut the benchmark policy rate by 350 basis points (3.5 per cent) to 21.5 per cent, following a similar cut in July when the rate was reduced by 300 basis points to 25 per cent.
The Committee also revised the single Net Open Position limit for banks from plus/minus five per cent to a new range of zero to 10 per cent, effective October 1, 2025.
Dr Asiama explained that the bill, when passed, would strengthen regulatory oversight of digital asset platforms, promote transparency and safeguard users.
“We have done our part, we drafted it, and now it is for Parliament to engage and see it through the process,” he said.
Responding to questions about the stability of the Cedi, the Governor said the Central Bank’s interventions had been adequate to ensure access to foreign exchange for businesses.
“I don’t think, as of today, anybody out there will say they cannot secure financing for their imports. As we always say, it may be due to some documentation or related issues, but case by case, we support the market,” he stressed.
He also addressed concerns about the country’s foreign reserves, which recently recorded a decline. According to him, the fall was temporary and linked to legitimate payments to Independent Power Producers (IPPs) and bondholders.
“The drop you are talking about is what I call a blip in the last two or three months. What’s important is that the trend is upward, and you just have to look at the bigger picture,” he noted.
On inflation, Dr Asiama said the Bank remained confident of achieving its end-of-year target.
“Barring any new shocks, end-of-year inflation will certainly fall within the target band,” he assured.
The Governor further revealed that measures introduced to improve remittance inflows were beginning to yield results, adding that the BoG expected stronger performance in the coming months
BY KINGSLEY ASARE
The post BoG readies Virtual Asset Bill for parliamentary approval appeared first on Ghanaian Times.
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