Ghana's Central Bank unveils cyptocurrency regulation framework

Ghana's central bank reportedly plans to begin regulating digital assets later this year, contingent on the passage of the Virtual Asset Providers Act currently under parliamentary review. Governor Johnson Asiama was said to have shared this intention during the African Leaders and Partners Forum held alongside the IMF-World Bank Spring Meetings in Washington.

He indicated that the Bank of Ghana remained committed to encouraging digital asset adoption while ensuring appropriate consumer safeguards. The proposed legislation was reported to grant the central bank authority to oversee virtual asset service providers (VASPs), including a licensing requirement.

It was also noted that the Securities and Exchange Commission would play a supporting role in sector regulation. Officials mentioned that the BoG plans to establish a digital asset unit once the law is enacted.

Reports highlighted that approximately 3.1 million Ghanaians—about 17% of the population—already own digital assets despite the current absence of regulation. Observers pointed out that Ghana ranked fourth in Africa for interest in crypto, following Nigeria, South Africa, and Kenya.

It was further disclosed that the country is pushing ahead with the development of the eCedi, a central bank digital currency intended to modernize payments and enhance monetary sovereignty.