Ghana’s central bank is moving from legislation to implementation as it prepares to introduce the rules that will govern the country’s fast-growing virtual asset industry, opening the door for licensed cryptocurrency, blockchain and digital asset businesses to operate under a formal regulatory framework.
The Bank of Ghana (BoG) says it has begun drafting the operational guidelines needed to enforce the recently enacted Virtual Asset Service Providers Act, 2025 (Act 1154) and will soon consult banks, fintech firms, blockchain companies and other industry players before finalising the regulations.
The move marks the next major step after Parliament passed the law earlier this year, positioning Ghana among a growing number of African countries seeking to regulate digital assets rather than leave the sector largely unregulated.
Speaking during a webinar organised by the UK-Ghana Chamber of Commerce and EY Ghana, Head of Oversight and Compliance at the Bank’s Virtual Assets Department, Tahiru Alhassan, said the regulations would cover key areas including anti-money laundering, consumer protection, cybersecurity, market conduct and prudential requirements.
“This is a whole new sector that has never been regulated in Ghana and we need to develop very comprehensive guidelines,” he said.
He disclosed that draft regulations have already been prepared, with stakeholder consultations expected later this year before some guidelines are published.
Industry to Help Shape the Rules
Rather than imposing regulations unilaterally, the Bank plans to engage the Association of Banks, fintech companies, the Chamber of Digital Asset and Blockchain Innovation and other industry experts to review the draft guidelines.
According to Mr. Alhassan, the consultations are intended to ensure the final framework reflects practical industry realities while safeguarding Ghana’s financial system.
Bringing Order to a Fast-Growing Market
Virtual assets include cryptocurrencies, stablecoins, tokenised assets and other blockchain-based financial products used for payments, investments and cross-border transactions.
Their use has grown steadily in Ghana, driven by increasing smartphone adoption, mobile money penetration and demand for faster digital payments.
Under Act 1154, oversight of the sector will be shared between the Bank of Ghana and the Securities and Exchange Commission (SEC).
While the Bank will regulate payment systems, financial stability and related infrastructure, the SEC will supervise investment-related virtual asset activities.
The law also introduces licensing requirements for operators, anti-money laundering obligations and a regulatory sandbox that allows selected firms to test innovative digital asset products under regulatory supervision.
Regulatory Clarity Boosts Investor Confidence
Industry participants say the new framework removes one of the biggest obstacles facing digital asset businesses.
Philip Twum, Head of Business Development at Fido and Non-Executive Director of Yellow Card Ghana Limited, said operating without clear regulation had made long-term planning difficult.
“There is no confidence to invest or expand because you don’t know what comes next. The Bank of Ghana has been clear in its communication and regulation, and now we are looking forward to the operational guidelines,” he said.
Lead Digital Technology Consultant at EY Ghana, Elikplim Kitsikpui, said businesses should begin preparing now rather than waiting until implementation begins.
“The cost of getting ready today is small, but you cannot recover the cost of missing the opportunity by delaying,” he said.
Managing Risks Alongside Innovation
While regulation is expected to encourage innovation, businesses have also been advised to strengthen governance and risk management systems.
Felix Kesseh, Manager in EY Ghana’s Risk Consulting practice, warned that financial institutions could still face indirect exposure to virtual asset risks even if they do not directly offer digital asset services.
He urged businesses to strengthen controls around customer transactions, third-party relationships and financial crime risks.
Balancing Innovation with Financial Stability
The Bank of Ghana says its objective is not simply to regulate risks but to support responsible innovation that improves financial services.
Mr. Alhassan said the central bank sees virtual assets as an opportunity to modernise Ghana’s financial system while maintaining consumer protection and financial stability.
“We are equally focused on leveraging virtual assets to transform financial service delivery,” he said.
The webinar formed part of the UK-Ghana Chamber of Commerce and EY Ghana’s Digitalisation Series for 2026, bringing together regulators, industry players and technology experts to discuss the future of Ghana’s digital finance ecosystem.
