The call by Francis-Xavier Sosu, Member of Parliament for the Madina Constituency, for robust legislation to regulate artificial intelligence (AI) and cryptocurrencies is both timely and necessary.
Speaking at the 2025 Africa Research and Innovation Commercialisation Summit (ARICS), the legislator emphasized the urgency of enacting legal frameworks that will position African nations as global power players rather than mere suppliers in the world economy.
As the continent gears up to leverage the African Continental Free Trade Area (AfCFTA) for economic transformation, investments in Africa’s youthful population, infrastructure, and digital technology are critical.
However, the rapid advancements in AI and cryptocurrencies present both immense opportunities and significant risks that require proper regulation. Without clear legal frameworks, Africa risks falling behind in the digital economy or, worse, becoming a haven for unregulated digital transactions that could destabilize financial markets.
For Ghana, amending the Payment Systems and Services Act, 2019 (Act 987) to incorporate modern trends in digital finance and technology is a necessary step toward securing the country’s financial ecosystem. Establishing regulatory frameworks will ensure transparency, protect investors, and safeguard the economy against illicit financial activities often associated with unregulated digital assets.
Moreover, AI regulation is crucial for ensuring ethical development and deployment of this transformative technology. AI has the potential to revolutionize industries, from healthcare to finance and education, but without clear policies, it could also exacerbate inequalities and lead to job displacement without adequate mitigation measures.
We on CURRENT ISSUES believe that Sosu’s call to action should not be seen in isolation.
It reflects a broader need for African nations to collectively prioritize legislation that strengthens digital infrastructure and protects their economies.
The journey from being mere suppliers to global power players requires unity, strategic policymaking, and a commitment to innovation with accountability.
As Africa awakens to this new era, it is imperative that policymakers move swiftly to implement laws that regulate emerging technologies.
The time for action is now—Africa’s future economic sovereignty depends on it.
