Ghana is targeting 2027 for the full operationalisation of its regulatory framework for virtual assets under the Virtual Asset Service Providers Act, 2025 (Act 1154), the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has announced.
He explained that the BoG and the Securities and Exchange Commission (SEC) were developing operational guidelines and policy sandboxes to support implementation of the law, saying the framework was critical to providing effective oversight of the rapidly growing virtual asset sector and addressing emerging risks associated with its use.
Inaugurating the Virtual Assets Coordinating Committee in Accra last Tuesday, Dr Asiama said the committee would provide the statutory platform for coordinated regulatory and supervisory actions to ensure effective implementation of the Act. "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 said.
The seven-member Virtual Assets Coordinating Committee was established under Act 1154 to strengthen coordination among institutions overseeing Ghana's virtual asset ecosystem. It comprises representatives from the Bank of Ghana, the Securities and Exchange Commission, the Ministry of Finance, the Cyber Security Authority and the Financial Intelligence Centre (FIC). The BoG's representatives are Elhanan Owureku Asare and Philip Kwaw Sebuabe, while Emmanuel Mensah Thompson and Richard Kwame Dusi represent the SEC. Patience Arko Boham represents the Ministry of Finance, Stephen Cudjoe-Seshie represents the Cyber Security Authority, and Benjamin Ofori represents the FIC, with the law allowing other relevant institutions to be co-opted when necessary.
Dr Asiama said the committee would strengthen information sharing and inter-agency cooperation among institutions responsible for regulating and overseeing virtual assets, helping Ghana respond to emerging risks, including money laundering, terrorist financing, cybersecurity threats and consumer protection concerns. "Effective coordination, timely information sharing and a shared commitment to safeguarding the integrity of our financial system will be essential," he said, adding that the committee would facilitate harmonised implementation of the Act and its subsidiary regulatory instruments while supporting coordinated responses to emerging risks.
He said the multifaceted nature of virtual assets required closer collaboration among domestic regulators and competent authorities, as well as foreign counterparts and governments, and that the committee would also pay close attention to financial stability issues arising from the growing use of virtual assets and their increasing interconnectedness with the formal financial system. He urged members to act with urgency to help Ghana develop a virtual asset ecosystem that is safe, well regulated and supportive of innovation and financial inclusion.
The Director-General of the SEC, Dr James Klutse Avedzi, said Ghana had moved beyond legislation towards establishing a functioning regulatory framework for virtual assets, with the SEC and BoG working to ensure that emerging virtual asset products and providers are brought within appropriate regulatory oversight. "Ghana can be a serious, credible jurisdiction for virtual assets without compromising the protections that investors and the financial system deserve," he said, adding that the country's regulatory sandbox and emerging licensing framework demonstrate its intention to position itself as a credible hub for virtual asset innovation in West Africa.
