Ghana remains committed to launching a central bank digital currency (CBDC) in the medium term, but immediate efforts will focus on regulating unlicensed digital asset platforms, says Bank of Ghana Governor Dr. Johnson Asiama.
In an interview during the IMF/World Bank Spring Meetings in Washington, Asiama said that while the eCedi pilot had concluded before his return to the Bank, he remains a “strong believer” in its long-term potential.
“We will be working toward full implementation,” he said. “But let me be quick to say we have other, more urgent things to do, especially when it comes to digital assets like cryptocurrency, which remain unregulated in Ghana.”
The Bank of Ghana’s eCedi pilot, one of Africa’s earliest CBDC initiatives, explored offline usability, retail payment systems integration, and financial inclusion. However, the rollout has slowed as the Bank shifts its focus toward digital asset oversight.
Crypto Oversight Takes Center Stage
Asiama said cryptocurrency exchanges operating without regulatory engagement pose a financial integrity risk. “My understanding is that Binance has an office in Accra,” he said. “But nobody’s talking to them. There’s no visibility on what they’re doing. They are not paying taxes.”
The Bank of Ghana has established a digital asset regulatory unit and is working with the Securities and Exchange Commission (SEC) to draft a framework for oversight. Ghana must finalize its regulations by September 2025 under obligations to the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
“We are working fast. The regulation must be ready by September,” Asiama said. “It’s safer that way. It’s more efficient. And it gives us a better ability to track the transactions that go on in that space.”
The upcoming framework will introduce licensing requirements, enforce tax compliance, and improve transparency across the digital asset sector.
Balancing Innovation and Risk
The BoG’s boss’ comments appear to reflect a cautious approach among emerging market Central Banks as they weigh financial innovation against risks to monetary sovereignty and anti-money laundering standards.
“It won’t be immediate,” he said of the eCedi launch. “But in the medium term, the eCedi is coming.”
