The Bank of Ghana (BoG) has officially legalized virtual asset trading. The central bank confirmed that cryptocurrency activities are now permitted under a new regulatory framework, ending years of legal ambiguity.
The Details
Speaking at the Bank’s annual Thanksgiving Service in Accra on Friday, Governor Dr. Johnson Pandit Asiama assured the public that crypto participants no longer face the threat of legal repercussions.
- No more arrests: The Governor explicitly stated that individuals engaged in crypto transactions will not be arrested.
- Risk Management: The legalization is tied to a new oversight framework designed to monitor the sector and mitigate financial risks.
- Strengthened Oversight: Dr. Asiama framed the move as a “critical step” toward more effective regulation rather than a hands-off approach.
Between the lines
For years, Ghana’s central bank maintained a cautious, often restrictive stance toward digital assets. This pivot suggests the BoG has reached a level of comfort with its internal “sandbox” results or has felt the pressure to formalize a massive, existing informal market.
What they’re saying:
“Effectively, virtual assets trading is now legal and no one is going to be arrested for doing crypto, but we now have the framework to manage the risks involved… These are not just legal milestones; they are enablers of better policies, stronger supervision, and more effective regulation.” — Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana.
The Catch
Legalization doesn’t mean a “wild west” scenario. Dr. Asiama emphasized that the progress calls for “responsibility and vigilance,” signaling that the BoG will likely impose strict reporting and Anti-Money Laundering (AML) requirements on exchanges and service providers.
