In a decisive shift from regulatory caution to active oversight, the Governor of the Bank of Ghana, Dr Johnson Asiama, has acknowledged the unstoppable rise of cryptocurrency in the country and called for firm but balanced regulation to harness its potential while containing its risks.
At the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, Dr. Asiama noted a policy shift in the BoG’s approach toward digital assets.
The governor said the central bank is finalising a regulatory framework to guide the operation of cryptocurrency exchanges and Virtual Asset Service Providers (VASPs) in Ghana.
BoG set to regulate cryptocurrency
Until now, cryptocurrencies in Ghana have been considered unregulated and not recognised as legal tender. However, Dr. Asiama’s remarks signal a clear shift in the country’s position.
Acknowledging the inevitability of digital assets, he stated, “Crypto is a big thing in Ghana. We can pretend to look the other way, but the reality is that it’s impacting.”
He further likened it to an unstoppable force: “Crypto is like the air we breathe — you can’t stop it. It’s everywhere. What we must do is build the right systems to manage the risks and allow its potential to unfold.”
The bank recently issued a clear directive under Notice No. BG/Gov/SEC/2025/18 mandates all VASPs operating in Ghana to undergo compulsory registration.
This move, which took effect on July 10, is part of the lead-up to full regulatory implementation, expected in September 2025, pending the passage of a new Virtual Asset Service Providers (VASP) Act.
The proposed VASP law will empower the BoG to license, supervise, and enforce standards across the digital asset ecosystem, working in partnership with agencies like the Securities and Exchange Commission (SEC), the Ghana Revenue Authority (GRA), and the Financial Intelligence Centre (FIC).
“We are working on a framework that aligns with our Anti-Money Laundering and Financial Stability mandates,” Dr. Asiama said.
This regulatory shift comes as Ghana positions itself among a rising group of African nations embracing the potential of blockchain technology.
In Ghana, regulators value monitoring crypto activities to protect users and ensure transparency.
Dr. Asiama stressed that the Bank is not anti-innovation but wants to safeguard the financial system. “The question is not whether to ban crypto, but how to manage it,” he noted.
The regulator also establishes a specialised digital asset unit within the BoG to oversee this sector, ensure compliance, and support innovation. This unit will collaborate with other government bodies to form a coordinated oversight regime.
Ghana push for inclusion, innovation, and stability
Ghana’s pivot toward regulation is driven not only by domestic realities but also by international pressure. The Financial Action Task Force (FATF) has called on member countries to adopt AML measures for VASPs or risk being grey-listed.
The country’s digital asset framework also ties into broader development goals, such as improving financial inclusion and creating efficient cross-border payment systems.
With remittances contributing over $4.5 billion to the economy in 2023, the role of crypto in facilitating faster and cheaper transfers is seen as vital.
Moreover, the BoG is continuing its pilot of the eCedi, a Central Bank Digital Currency (CBDC), which is expected to coexist with private cryptocurrencies in a future digital economy.
“We are not trying to block innovation,” Dr. Asiama concluded. “We want innovation to happen within a safe and transparent environment.”