Ghana is aiming to have a fully operational regulatory regime for virtual assets by 2027, as authorities move to establish rules for a sector that has expanded rapidly in recent years.
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, said the BoG and the Securities and Exchange Commission (SEC) are working on operational guidelines and policy sandboxes to give effect to the Virtual Asset Service Providers Act, 2025 (Act 1154).
Dr Asiama made the disclosure at the inauguration of the Virtual Assets Coordinating Committee (VACC), a multi-agency body expected to coordinate the regulation and supervision of virtual asset activities in Ghana.
He said the legislation was an important step towards bringing the growing virtual asset industry into a formal regulatory framework.
“The operational guidelines are being developed by the designated regulatory authorities, i.e., the Bank of Ghana and the Securities and Exchange Commission, alongside the implementation of policy sandboxes by both institutions towards fully operationalizing the Act by 2027,” he said.
The Act followed findings from Ghana’s 2024 national Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing (AML-CFT-PF) risk assessment, which identified significant adoption and use of virtual assets in the country.
According to Dr Asiama, the assessment also pointed to growing links between virtual assets and the formal financial system, creating the need for a clear legal and regulatory framework.
“The report highlighted the urgent need for a legal and regulatory framework to govern the evolving virtual asset sector. So, fast forward, we now have Act 1154 before us,” he said.
The VACC brings together representatives from the BoG, SEC, Ministry of Finance, Cyber Security Authority and Financial Intelligence Centre. Other institutions may be co-opted where necessary.
Dr Asiama said the committee would provide a platform for coordinated regulatory and supervisory action, including information sharing and joint responses to emerging risks.
“The committee will facilitate harmonized implementation of the Act and its subsidiary regulatory instruments, strengthen information sharing and interagency cooperation, support coordinated responses to emerging risks,” he said.
The Governor said the regulatory process must also protect room for innovation, given the pace at which digital finance and virtual assets are developing globally.
“The pace at which virtual assets and digital finance are evolving globally, this leaves us little room for a passive approach,” he said.
He said the regulatory framework would seek to build a virtual asset ecosystem that protects the integrity of the financial system while supporting innovation and inclusion.
The VACC is also expected to strengthen Ghana’s response to risks linked to virtual assets, including money laundering, terrorist financing, cybersecurity and consumer protection.
