Ghana is accelerating efforts to bring its rapidly growing virtual asset sector under formal regulatory oversight, with the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) targeting 2027 for the full operationalisation of the Virtual Asset Service Providers Act, 2025 (Act 1154).
The announcement came from Bank of Ghana Governor Dr. Johnson Asiama during the inauguration of the Virtual Assets Coordinating Committee (VACC) in Accra, a new statutory body established to coordinate regulatory and supervisory actions across key state institutions .
Regulatory Framework in Development
Dr. Asiama revealed that the BoG and SEC are actively developing operational guidelines and implementing policy sandboxes to support the law’s implementation. “The operational guidelines are being developed by the designated regulatory authorities… alongside the implementation of policy sandboxes by both institutions towards fully operationalizing the Act by 2027,” he stated .
The regulatory sandboxes represent a critical component of this framework. In March 2026, the SEC admitted 11 cryptocurrency firms into a 12-month pilot programme designed to test products and services under regulatory supervision . Participating firms include Africoin, Blu Penguin, Goldbod, Hanypay, Hyro Exchange GH Ltd, HSB Global, Koinkoin, Whitebits, Vaulta, Xchain, and Bsystem Ltd .
These pilot programmes allow regulators to assess emerging virtual asset products and business models while developing comprehensive guidelines covering anti-money laundering, prudential requirements, consumer protection, and cybersecurity standards .
Coordinated Oversight Through VACC
The newly inaugurated VACC brings together representatives from the Bank of Ghana, SEC, Ministry of Finance, Cyber Security Authority, and the Financial Intelligence Centre, with provision for other institutions to be co-opted as needed .
The committee’s mandate includes facilitating harmonized implementation of the Act, strengthening information sharing and interagency cooperation, and enhancing Ghana’s ability to address money laundering, terrorist financing, cybersecurity threats, and consumer protection concerns associated with virtual assets .
“The inauguration of the virtual assets coordinating committee is therefore critical to the effective implementation of the Virtual Assets Providers Act 2025 Act 1154, as it will provide the statutory platform for coordinated regulatory and supervisory actions among the relevant institutions,” Dr. Asiama emphasized .
Urgency Driven by Risk Assessment
The legislation was enacted following Ghana’s 2024 National Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing (AML-CFT-PF) Risk Assessment, which revealed significant adoption and use of virtual assets in Ghana alongside increasing links between the sector and the formal financial system .
“The report highlighted the urgent need for a legal and regulatory framework to govern the evolving virtual asset sector. So, fast forward, we now have Act 1154 before us,” Dr. Asiama said .
Balancing Regulation and Innovation
Governor Asiama stressed that Ghana’s regulatory approach must keep pace with developments in digital finance while creating room for responsible innovation. “The pace at which virtual assets and digital finance are evolving globally, this leaves us little room for a passive approach,” he warned .
He called for a balanced approach that protects consumers and safeguards financial stability while supporting innovation and inclusion. “Effective coordination, timely information sharing, and a shared commitment to safeguarding the integrity of our financial system… will be essential if we are to build a virtual asset ecosystem that is safe, well regulated, and supportive of innovation and inclusion” .
Sector Context and Early Enforcement
Ghana’s virtual asset sector has grown rapidly, with more than three million cryptocurrency users estimated to be active in the country . The government aims to bring regulatory clarity to the sector while positioning Ghana as a leading hub for regulated digital asset innovation in Africa .
The regulatory push has already involved enforcement action. In February 2026, the BoG and SEC issued a joint directive ordering virtual asset service providers to remove billboards and cease mass marketing campaigns within 48 hours, warning of “severe sanctions” for non-compliance. The directive applied even to firms participating in the government’s own regulatory sandboxes .
In addition to regulatory enforcement, the BoG and SEC launched the National Virtual Asset Literacy Initiative (NaVALI) in January 2026 to promote public awareness of virtual asset risks and support effective regulation and supervision .
A Landmark Transition
Industry stakeholders have welcomed the regulatory direction. The Chamber of Digital Assets and Blockchain Innovations (CDABI) Ghana Chapter described the SEC’s sandbox guidelines as “a landmark development for the country’s virtual asset and digital finance ecosystem” .
Dr. Asiama described the inauguration of the VACC as marking an important transition from legislation enactment to the establishment of a functioning regulatory framework. “This inauguration this afternoon therefore marks an important transition from the enactment of the legislation to the establishment of an effective, coordinated, and sustainable virtual asset regulatory framework in Ghana,” he concluded .
