The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced that the central bank is set to commence oversight of cryptocurrency platforms and virtual asset service providers by September 2025, signaling a significant shift in Ghana’s financial regulatory approach.
Dr. Asiama made this statement during the African Leaders and Partners Forum in Washington, D.C., held alongside the IMF/World Bank Spring Meetings.
He emphasized that the initiative hinges on the enactment of the forthcoming Virtual Asset Providers Act, which will grant the BoG legal authority to license and monitor digital asset operations.
MUST READ: African Innovation: Ghanaian creates eco-friendly human-powered treadmill [Video]
To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets
This is a technology we cannot prevent, hence the need to move fast to regulate it.
The central bank’s planned regulatory measures coincide with a surge in digital finance activity in Ghana, where consumers and businesses are increasingly adopting cryptocurrencies like Bitcoin and Ethereum, despite the lack of a defined regulatory structure.
READ ALSO: Here's how the Vatican elects a new Pope: The conclave process explained
In August 2024, the BoG released preliminary regulatory guidelines designed to bring order to the cryptocurrency market by enforcing mandatory registration, anti-money laundering (AML) protocols, and strict internal controls for Virtual Asset Service Providers (VASPs).
These guidelines are anticipated to underpin the new legislation, ensuring financial stability and protecting investors.
The forum provided a platform for policymakers, trade experts, financial leaders, and development stakeholders from Ghana, the U.S., Europe, and across Africa to explore strategies for strengthening trade and financial collaboration between Africa and its international partners.
READ MORE: 60-year-old man’s penis and scrotum cut off during Easter sleepover at woman’s place
Dr. Asiama’s comments align with the BoG’s broader digital finance strategy, which includes the introduction of Ghana’s central bank digital currency (CBDC), the eCedi.
READ FURTHER: From janitor to night club bouncer, some facts you didn’t know about Pope Francis
Initially announced in 2021, the eCedi forms part of the government’s push to digitize the economy and promote financial inclusion.
While expressing optimism, Dr. Asiama also warned investors about the risks associated with cryptocurrency trading, highlighting its volatility and susceptibility to sharp price fluctuations.
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS