Ghana to begin digital asset regulation in September
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Ghana's central bank will begin overseeing the digital asset space later this year, pending the passage of legislation currently before parliament, Governor Johnson Asiama has revealed.
Asiama spoke at the African Leaders and Partners Forum, held in Washington on the sidelines of the International Monetary Fund (IMF)-World Bank Spring Meetings. He pledged the Bank of Ghana's (BoG) commitment to promoting digital asset adoption by enforcing friendly laws that protect consumers without stifling innovation.
The central bank's oversight authority relies on legislators passing the Virtual Asset Providers Act, the governor stated. The proposed framework covers consumer protection, preventing illicit 'crypto' use, financial stability, cybersecurity, and the interaction of virtual asset service providers (VASPs) with mainstream finance. VASPs must obtain a license from the top bank, with the Securities and Exchange Commission (SEC) also involved in oversight.
The central bank intends to establish a dedicated digital asset unit once the legislation is passed, Asiama added.
'This is a technology we cannot prevent, hence the need to move fast to regulate it.'
Despite the lack of regulation, Ghana's population has taken to digital assets, led by the young and tech-savvy. A November report revealed that 3.1 million Ghanaians owned a digital asset, representing 17% of the population. Data from 'crypto' analytics platform CoinGecko further revealed that the country ranks fourth in Africa for 'crypto' interest behind Nigeria, South Africa, and Kenya. Beyond digital assets, Ghana is also accelerating the development of its digital currency: the eCedi. In February, BoG's innovation head, Kwame Oppong, revealed that the central bank intends to launch the central bank digital currency (CBDC) this year, pending the passing of new legislation to support a sovereign digital currency.
Speaking in Washington, Asiama reiterated the bank's commitment to the CBDC, which he believes will digitalize the country's payment systems.
'Africa's future must be digital—but inclusive. Ghana's eCedi pilot reflects our ambition to build not only innovative payment systems, but public infrastructure that expands access and safeguards monetary sovereignty,' he noted.
Asiama believes inclusive digital transformation is the best way to empower Ghana's youth. Like many others in Africa, Ghana has a very young population, with 56% of Ghanaians aged 25 and below.
This young population has turned to digital asset trading amid an economic crisis that has led to a record number of emigrations from the West African nation. The cedi's continued depreciation in the past two years has also pushed Ghanaians to explore hedges, with USD-pegged stablecoins proving a popular choice. In March, the cedi dipped 5.3% against the USD and 9.2% against the euro; in 2024, it lost 19% of its value against the greenback.
Watch: Tech redefines how things are done—Africa is here for it
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