Ghana establishes a dedicated digital asset unit, marking a significant shift from the prohibitive stance of 2018 to a more progressive regulatory model.
The Governor of the Bank of Ghana (BOG), Mr. Johnson Asiama, has just announced plans to begin regulating cryptocurrency activities and related platforms by the end of September 2025. A prerequisite for this implementation is that the Ghanaian Parliament must pass the Virtual Asset Providers Act.
Redirecting the management strategy for digital assets
In a speech in Washington D.C., Mr. Asiama revealed that BOG is establishing a dedicated unit for digital assets, while emphasizing that blockchain technology is an unstoppable trend for the future. This move marks a significant change in the central bank's stance compared to 2018, when BOG did not recognize cryptocurrencies under Ghanaian law and warned the public about the risks associated with their use.
This new decision reflects Ghana's broader strategy to improve the investment and trade environment, especially in the context of strengthening U.S.-Africa relations. According to Mr. Asiama, key policy priorities include enhancing macroeconomic reliability, promoting strategic autonomy, increasing the resilience of the financial system, and mitigating risks in the digital finance sector.
The announcement from the BOG Governor follows positive signals from the Director General of the Ghana Securities and Exchange Commission (SEC), who confirmed that the country is making significant progress in establishing a regulatory framework for the cryptocurrency sector.
Ghana's change in stance reflects a broader trend across Africa, as many countries gradually shift from a prohibitive attitude to more progressive regulatory models regarding cryptocurrencies. Regulating these activities will help Ghana attract investment in the blockchain technology sector while protecting consumers and the financial system from potential risks.