Ghana is stepping up efforts to bring the country’s rapidly expanding virtual asset industry under a coordinated regulatory regime, with the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) targeting 2027 for the full implementation of the Virtual Asset Service Providers Act, 2025 (Act 1154).
The move is expected to establish clearer rules for virtual asset service providers while strengthening safeguards against financial crimes, cyber threats and consumer abuse.
Governor of the Bank of Ghana, Dr Johnson Asiama, announced the timeline at the inauguration of the Virtual Assets Coordinating Committee (VACC), which brings together key institutions responsible for regulating and monitoring the sector.
He said the BoG and SEC were currently developing the operational guidelines required to give effect to the law, alongside policy sandboxes that would allow regulators to test emerging virtual asset products and business models in controlled environments.
According to Dr Asiama, Ghana could no longer afford a passive regulatory approach as digital finance and virtual assets continued to evolve rapidly.
“The pace at which virtual assets and digital finance are evolving globally leaves us little room for a passive approach,” he said.
The establishment of the VACC, he said, marked a critical step in moving from the passage of the legislation to the creation of a functioning regulatory system.
The committee comprises representatives from the BoG, SEC, Ministry of Finance, Cyber Security Authority and Financial Intelligence Centre, with other institutions expected to be brought on board when necessary.
Dr Asiama said the committee would provide a platform for the institutions to coordinate their supervisory responsibilities, share information and respond collectively to emerging risks in the virtual asset ecosystem.
Focus on financial crime and consumer protection
The regulatory push follows concerns identified in Ghana’s 2024 national Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing risk assessment.
The assessment reportedly found significant adoption and use of virtual assets in Ghana, as well as growing links between virtual asset activities and the formal financial system.
Dr Asiama said these developments demonstrated the need for a legal framework capable of addressing the risks associated with the sector while allowing legitimate innovation to thrive.
He said the VACC would help strengthen Ghana’s response to money laundering, terrorist financing, cybersecurity threats and consumer protection risks associated with virtual assets.
The committee is also expected to support the harmonised implementation of Act 1154 and its subsidiary regulatory instruments.
Regulators seek balance between control and innovation
While emphasising the need for stronger oversight, the BoG Governor said regulation should not stifle technological innovation or financial inclusion.
He said the policy sandboxes being developed by the BoG and SEC would provide an avenue for regulators to understand new technologies and business models before establishing appropriate rules for them.
“Effective coordination, timely information sharing, and a shared commitment to safeguarding the integrity of our financial system” would be critical to building a virtual asset ecosystem that is safe, well regulated and supportive of innovation, he said.
The government’s approach, therefore, seeks to combine stronger supervision with an environment in which responsible virtual asset businesses can develop.
Dr Asiama said the inauguration of the VACC represented an important transition from simply having legislation on the books to establishing the institutional mechanisms required to enforce it.
“The operational guidelines are being developed by the designated regulatory authorities, the Bank of Ghana and the Securities and Exchange Commission, alongside the implementation of policy sandboxes by both institutions towards fully operationalising the Act by 2027,” he stated.
The initiative is expected to provide greater clarity for businesses and consumers while strengthening Ghana’s ability to monitor a sector that is becoming increasingly connected to the wider financial system.
