Ghana plans to regulate digital assets with new legislation
The Bank of Ghana intends to create a digital asset unit after parliament passes the Virtual Asset Providers Act.
Ghana’s central bank is set to regulate the digital asset space later this year, pending the passage of key legislation. Governor Johnson Asiama announced at the African Leaders and Partners Forum during the IMF-World Bank Spring Meetings in Washington.
He stated that the Bank of Ghana (BoG) is committed to fostering digital asset adoption while ensuring consumer protection through appropriate regulation.
The proposed Virtual Asset Providers Act, currently under review by parliament, will give BoG oversight authority over virtual asset service providers (VASPs), requiring them to obtain a licence. The law also aims to prevent illicit crypto use, ensure financial stability, and protect consumers.
Additionally, the Securities and Exchange Commission (SEC) will play a role in regulating the sector.
Once the legislation is passed, the Bank of Ghana plans to establish a dedicated digital asset unit. Despite the absence of regulation, Ghana has already seen considerable uptake of digital assets. Approximately 3.1 million Ghanaians own digital assets, equating to 17% of the population.
The country ranks fourth in Africa for crypto interest, trailing Nigeria, South Africa, and Kenya.
In addition to digital asset regulation, Ghana is pushing forward with the launch of its central bank digital currency (CBDC), the eCedi. Asiama said the digital currency will modernise payments, protect sovereignty, and support digital transformation for Ghana’s youth.
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