The Bank of Ghana (BoG) is finalising operational guidelines for virtual assets, including cryptocurrencies, which will establish the framework for licensing and regulating businesses operating in the sector.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the guidelines are necessary to protect Ghanaians and bring the rapidly growing sector under formal oversight.
“Even though it is a very risky area, we just cannot sit and ignore it; that is why we have put in place the necessary regulations, so we can protect Ghanaians,” Dr Asiama said.
He acknowledged that previous attempts to overlook cryptocurrency had not curbed its use or adoption. “We have in the past pretended that cryptocurrency does not exist, but the truth is that it goes on whether you like it or not,” he said, adding that appropriate laws and regulations are essential to guide activities and protect users.
From Legislation to Implementation
Ghana’s regulatory journey has moved from legal recognition to active enforcement. In December 2025, Parliament enacted the Virtual Asset Service Providers Act, 2025 (Act 1154) , establishing a formal legal framework for digital assets for the first time . The legislation followed a national risk assessment which revealed significant adoption of virtual assets and growing links with the formal financial system .
The adoption statistics were too significant to ignore. By mid-2024, an estimated 3 million Ghanaians—roughly 17% of the adult population—were trading digital assets, with transaction volumes nearing $3 billion within a single year . A mandatory registration exercise in July 2025 further identified over 100 service providers offering exchange, wallet management, brokerage and investment advisory services .
A Dual Regulatory Model
Under Act 1154, regulation is based on a dual oversight model. The Bank of Ghana regulates payment-related transactions and financial infrastructure, while the Securities and Exchange Commission (SEC) supervises investment-related virtual asset activities .
The framework mandates licensing for high-risk activities, registration for lower-risk operations, and strict compliance with anti-money laundering and counter-terrorism financing (AML/CFT) obligations, including the “Travel Rule” .
Policy Sandbox Paves the Way
A key feature of the regulatory approach is the policy sandbox, which admitted 11 companies into a 12-month pilot programme in March 2026 . The participants—Africoin, Blu Penguin, Goldbod, Hanypay, Hyro Exchange GH Ltd, HSB Global, Koinkoin, Whitebits, Vaulta, Xchain and Bsystem Ltd—are testing their products under SEC oversight .
Under the sandbox framework, firms with market-ready products that meet regulatory requirements may transition to full licences after six months, while others continue piloting for the full duration . Lessons from the pilot will inform the development of activity-based licensing guidelines .
Coordinated Oversight
In August 2026, the BoG inaugurated the Virtual Assets Coordinating Committee (VACC) , a seven-member body established under Act 1154 to strengthen coordination among institutions overseeing Ghana’s virtual asset ecosystem . The committee comprises representatives from the Bank of Ghana, SEC, Ministry of Finance, Cyber Security Authority and Financial Intelligence Centre .
The BoG is represented by Elhanan Owureku Asare and Philip Kwaw Sebuabe, while the SEC is represented by Emmanuel Mensah Thompson and Richard Kwame Dusi. Patience Arko Boham represents the Ministry of Finance, Stephen Cudjoe-Seshie represents the Cyber Security Authority, and Benjamin Ofori represents the FIC .
Dr Asiama explained that the committee will strengthen information sharing and inter-agency cooperation, enabling Ghana to respond effectively to emerging risks including money laundering, terrorist financing, cybersecurity threats and consumer protection concerns .
Enforcement Actions
The central bank has demonstrated a willingness to enforce the framework. In June 2026, the BoG issued Supervisory Directive BG/GOV/SEC/2026/14, directing all banks, payment service providers and regulated financial institutions to immediately discontinue arrangements that facilitate unauthorised fiat currency wallet services offered by crypto platforms . The central bank stated that the relevant crypto platforms had not been authorised to undertake such activities under the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723) .
The directive was targeted enforcement against unauthorised foreign-currency wallet arrangements that bypass forex and payment rules, rather than a blanket ban on crypto .
Roadmap to 2027
The BoG and SEC are working towards full operationalisation of Act 1154 by 2027 . Mr Tahiru Alhassan of the Bank of Ghana disclosed that the central bank has completed drafts of guidelines covering AML-CFT, prudential requirements, consumer protection, market conduct, cybersecurity and technology requirements . Stakeholder consultation is planned with industry players, the Association of Banks, fintechs and the Chamber of Digital Asset and Blockchain Innovation before finalisation .
Dr Asiama emphasised that regulation and enforcement alone cannot address risks without consumer awareness. The BoG launched the National Virtual Asset Literacy Initiative (NaVALI) in January 2026 to educate users and discourage uninformed adoption .
“Regulation and enforcement on their own cannot deal with the risks in this space unless consumers and market participants fully understand how these assets work,” Dr Asiama said .
The Governor stressed that Ghana’s regulatory approach must keep pace with the rapid evolution of digital finance. “The pace at which virtual assets and digital finance are evolving globally leaves us little room for a passive approach,” he stated .
As Ghana moves closer to full implementation of Act 1154, the development of clear licensing guidelines is expected to provide much-needed clarity for businesses and investors seeking to operate within the regulated space.
