The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that the central bank is poised to begin regulating cryptocurrency platforms and virtual asset providers by the end of September 2025, marking a major policy shift in Ghana’s financial regulatory landscape.
Speaking at the African Leaders and Partners Forum in Washington, D.C., held on the margins of the IMF/World Bank Spring Meetings, Dr Asiama said the move is pending the passage of the much-anticipated Virtual Asset Providers Act, which will formally empower the BoG to license and supervise operations in the digital asset space.
“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets,” Dr Asiama stated. “This is a technology we cannot prevent, hence the need to move fast to regulate it.”
The central bank’s upcoming intervention comes at a time of rapid expansion in digital finance, with Ghanaian consumers and businesses increasingly engaging with cryptocurrencies such as Bitcoin and Ethereum, despite the absence of a clear regulatory framework.
In August 2024, the BoG issued draft regulatory guidelines aimed at taming the cryptocurrency market by introducing mandatory registration, anti-money laundering (AML) compliance, and stringent internal controls for Virtual Asset Service Providers (VASPs). These proposals are expected to form the basis of the new law and ensure financial stability while safeguarding investors.
The forum, which brought together policy, trade, finance, and development stakeholders from Ghana, the United States, Europe, and across Africa, served as a platform to discuss ways to deepen trade and financial cooperation between Africa and its global partners.
Dr Asiama’s remarks reinforce the BoG’s broader digital finance ambitions, which include the eventual rollout of Ghana’s central bank digital currency (CBDC), the eCedi. First announced in 2021, the eCedi is part of the government’s ongoing efforts to digitise the economy and enhance financial inclusion.
Despite the optimism, Dr Asiama cautioned investors about the inherent risks involved in crypto trading, noting the high volatility and vulnerability of cryptocurrencies to price swings.