The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has declared a major shift in the country’s approach to cryptocurrencies, stating that the central bank cannot stop their use but must develop a framework to regulate them.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, Dr. Asiama stressed the need for a collaborative regulatory strategy rather than an outright ban.
“Crypto is a big thing in Ghana. We can pretend to look the other way, but the reality is that it’s impacting,” he said.
Dr. Asiama’s remarks reflect a growing recognition within Ghana’s financial regulatory space that cryptocurrencies—despite their risks and volatility—are becoming an entrenched part of both global and local economies.
For years, the BoG maintained a cautious stance, repeatedly issuing notices (such as on January 22, 2018, and March 9, 2022) that cryptocurrencies were not legal tender and were not regulated under any existing law. Banks and licensed financial institutions were prohibited from facilitating crypto transactions, leaving crypto operations to function largely in the shadows.
However, Dr. Asiama’s recent statements mark a significant policy pivot.
“As a regulator, and together with the Securities and Exchange Commission (SEC), the Ghana Revenue Authority (GRA), and others, we are working to regulate that activity to ensure the benefits accrue to us while minimizing the risks,” he stated.
He likened the unstoppable nature of crypto to air: “A friend of mine said, ‘crypto is like the air we breathe.’ You can’t stop it. It goes everywhere. It takes place everywhere, and so all you have to do is develop systems to minimize the risks and allow these to play out.”
Although the shift toward regulation isn’t entirely new, it signals an acceleration of the BoG’s intent to bring digital assets under formal oversight. In August 2024, the Bank released draft guidelines for Virtual Asset Service Providers (VASPs), proposing mandatory registration, anti-money laundering (AML) compliance, and robust internal controls.
These guidelines acknowledged the potential of digital assets to transform cross-border payments, crowdfunding, and remittances—while warning of risks including money laundering, terrorism financing, fraud, and consumer vulnerability.
At the African Leaders and Partners Forum 2025 in Washington, D.C., Dr. Asiama reaffirmed that full regulation of virtual assets is expected to commence by the end of September 2025, pending the passage of a Virtual Asset Service Providers Act.
This legislation will grant the BoG licensing and supervisory powers over crypto-related entities and support joint oversight with the SEC. The Bank of Ghana also plans to establish a dedicated digital assets supervision unit.
Ghana’s move mirrors steps taken by countries like Nigeria and South Africa. South Africa, for instance, has already licensed over 240 crypto firms under its own regulatory framework.
The push is also in line with international requirements from the Financial Action Task Force (FATF), which compels member states to implement AML and counter-terrorism financing rules for VASPs to avoid grey-listing and maintain credibility in global finance.
Though challenging, regulating crypto can yield several benefits:
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Fostering Innovation: Legal clarity can empower fintech firms and investors to develop blockchain-based services.
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Boosting Financial Inclusion: Improved efficiency in remittances and payments, vital for a country where remittances surpassed $4.5 billion in 2023 (World Bank data).
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Risk Mitigation: Regulation brings informal, unmonitored crypto activities into a supervised environment, reducing exposure to fraud and instability.
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Enhancing Global Reputation: Compliance with FATF standards protects Ghana from being labeled a high-risk jurisdiction.
While Ghana is also piloting its Central Bank Digital Currency (CBDC), the eCedi, Dr. Asiama’s comments underscore that the BoG is now equally focused on regulating private crypto assets.
With the VASP Act expected later this year, Ghana is preparing to walk a fine line—embracing the innovation of crypto while protecting its financial system from potential threats.
Source: David Apinga
