Ghana will fully operationalise the Virtual Asset Service Providers Act, 2025 (Act 1154) by 2027 as regulators finalise guidelines and policy sandboxes.
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), said the move would establish a coordinated regulatory framework for the country’s growing digital assets industry.
He disclosed this at the inauguration of the Virtual Assets Coordinating Committee in Accra on Tuesday, describing the development as a major step in Ghana’s digital finance journey.
“The operational guidelines are being developed by the designated regulatory authorities, i.e. the BoG and SEC, alongside the implementation of policy sandboxes by both institutions towards fully operationalizing the Act by 2027,” he said.
The Committee comprises representatives from the BoG, Securities and Exchange Commission (SEC), Ministry of Finance, Cyber Security Authority and Financial Intelligence Centre (FIC).
Its members include Mr Elhanan Owureku Asare and Mr Philip Kwaw Sebuabe of the BoG; Mr Emmanuel Mensah Thompson and Mr Richard Kwame Dusi of the SEC; Patience Arko Boham of the Ministry of Finance; Mr Stephen Cudjoe-Seshie of the Cyber Security Authority; and Mr Benjamin Ofori of the FIC.
Ghana enacted Act 1154 in December 2025 following the 2024 National Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing Risk Assessment, which identified strong adoption and growing interconnectedness of virtual assets with the formal financial system.
The Committee is expected to harmonise implementation of the Act, strengthen inter-agency cooperation, monitor the virtual assets ecosystem, address regulatory gaps and coordinate responses to emerging risks to safeguard financial stability and protect consumers.
Dr Asiama, who chairs the Committee and the country’s Financial Stability Council, said its establishment reflected the multifaceted nature of virtual assets and the need for closer regulatory coordination.
He said the Committee would pay particular attention to financial stability risks arising from the virtual assets sector to ensure that its work aligned with broader financial stability objectives.
Dr Asiama said coordinated industry-wide oversight would strengthen Ghana’s capacity to address risks relating to money laundering, terrorist financing, cybersecurity and consumer protection.
“Effective coordination, timely information sharing and a shared commitment to safeguarding the integrity of our financial system will be essential if we are to build a virtual asset ecosystem that is safe, well-regulated and supportive of innovation and inclusion,” he noted.
Dr Asiama commended the virtual assets departments of the BoG and SEC, as well as partner institutions, for their work and urged Committee members to approach their mandate with seriousness.
Dr James Klutse Avedzi, Director-General of the SEC, said the inauguration represented another deliberate step towards establishing an innovative and secure virtual asset ecosystem.
He said since the passage of Act 1154, Ghana had moved from legislation towards a functioning regulatory framework, with the licensing regime taking shape.
Dr Avedzi said Ghana aimed to become a credible jurisdiction for virtual assets without compromising investor and financial system protection, noting that cryptocurrencies, stablecoins and utility tokens cut across securities regulation, payments and financial services.
“Ghana has an opportunity to become a hub for virtual assets in West Africa, but the opportunity is only real if it rests on trust. This committee is not designed to slow you down, it is designed to provide the ground you build on that is solid enough to last,” he assured.
Dr Avedzi said the Coordinating Committee was not a symbolic body but an institutional response to regulatory blind spots, tasked with monitoring the ecosystem, closing loopholes and ensuring that emerging products and service providers were subject to appropriate oversight.
He urged the Committee to prioritise clear and consistent enforcement of the Act, saying investor confidence would be critical to attracting local and international investment into Ghana’s virtual asset sector.
“Investors, both local and international, will not build here if they believe the rules are unclear and unevenly enforced,” he said, and urged the Committee to maintain consistent oversight and provide a safe, well-regulated environment for the growth of virtual assets.
GNA
