Financial integrity, coordinated regulation and the protection of Ghana’s financial system took centre stage at the Ghana Virtual Assets and Financial Services Symposium, as regulators reaffirmed their resolve to strengthen oversight of the fast-growing digital asset space.
The symposium, organised by the Chamber of Digital Assets and Blockchain Innovations, convened industry stakeholders, policymakers and regulators to deliberate on the future of Ghana’s virtual asset ecosystem.
Officials from the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) underscored that while virtual assets are increasingly shaping Ghana’s financial landscape, their growth must be anchored in transparency, accountability and investor protection.
They stressed that innovation can only be sustained within a framework that effectively manages risks and ensures that market participants understand and comply with legal obligations.
Mr Mensah Thompson, Deputy Director-General (Finance) at the SEC, indicated that financial integrity is at the core of the Commission’s evolving regulatory architecture for virtual assets.
He announced that the SEC will publish its Virtual Asset Regulatory Sandbox Guidelines next week, describing the document as a critical mechanism for testing new virtual asset services under close regulatory supervision.
According to him, the guidelines were refined through extensive stakeholder engagement and represent a major step towards implementing the Virtual Asset Service Providers Act.
Mr Thompson explained that the SEC’s approach prioritises investor protection and alignment with international best practices, including the Financial Action Task Force (FATF) Travel Rule, which mandates the secure transmission of customer information during virtual asset transfers.
He emphasised that Ghana is determined not to become a weak link in the global financial system, warning that emerging technologies must not be exploited for illicit financial activities.
The Deputy Director-General further disclosed that guidelines governing digital and online foreign exchange trading are nearing completion.
He said additional engagements with market operators have been scheduled to provide clarity in segments susceptible to fraud and market abuse.
He reaffirmed that robust supervision and decisive enforcement remain central to the SEC’s mandate, adding that the Commission will continue to clamp down on unlicensed operators to preserve investor confidence.
On the part of the central bank, Mr Caleb Owuraku Asare, Head of FinTech and Innovation at the Bank of Ghana, said integrity and consumer protection are fundamental pillars of the virtual asset ecosystem.
He noted that all virtual asset activities must operate within Ghana’s existing financial laws and must not threaten macroeconomic stability or disrupt monetary policy operations.
Mr Asare clarified that while innovation in the digital asset space is welcome, it should not be misconstrued as a substitute for the Ghana cedi.
He revealed that the Bank of Ghana is closely monitoring the rising demand for foreign-backed digital assets and reiterated that Ghana retains the option of developing cedi-backed stablecoins to safeguard the stability of the local currency.
He pointed to ongoing cross-border pilot initiatives, including one with the National Bank of Rwanda, which integrates stablecoin settlement in its second phase, as evidence of the central bank’s commitment to embracing innovation responsibly.
However, Mr Asare cautioned that strong market conduct standards, effective risk management and strict regulatory compliance will be required from all operators in the ecosystem.
He emphasised that regulation alone cannot guarantee market stability, noting that informed investors and responsible service providers are equally essential in upholding trust and safeguarding Ghana’s financial system.
