The Bank of Ghana (BoG) is preparing to begin regulation of cryptocurrency and related platforms by the end of September 2025, according to Governor Dr. Johnson Asiama.
Why it matters
Crypto activity in Ghana has grown rapidly in recent years despite a lack of legal clarity. New regulation aims to bring oversight to the space and better protect users and the financial system.
The big picture
- The move hinges on the passage of the Virtual Asset Providers Act, which will give the BoG legal authority to license and regulate crypto platforms.
- A new digital assets unit is being set up within the central bank to handle oversight.
- “This is a technology we cannot prevent, hence the need to move fast to regulate it,” Dr. Asiama said at the African Leaders and Partners Forum in Washington, D.C.
Zoom in
- The Securities and Exchange Commission (SEC) is also working on crypto regulations.
- In March, SEC boss Dr. James Klutse said the Commission had made significant progress toward building a regulatory framework.
- This follows BoG’s 2018 warning that cryptocurrencies like Bitcoin were not recognized under Ghanaian law.
Between the lines
Dr. Asiama sees crypto regulation as part of a broader effort to boost investor confidence and reposition Africa in the global economy.
- The BoG is pushing policies to reduce inflation, build reserves, and improve fiscal discipline.
- Central banks across Africa are pursuing transparency and bold reforms to attract productive capital flows.
What’s next
- Parliament must pass the Virtual Asset Providers Act.
- The BoG and SEC will coordinate to launch a regulatory regime before Q4 2025.
What they’re saying
“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets,” — Dr. Johnson Asiama
Source: MyJoyOnline
