The Bank of Ghana (BoG) has stirred the appetite for its foray into the cryptocurrency market with the expected launch of a regulatory framework for Virtual Asset Service Providers (VASPs) and virtual currencies in September.
Governor of the Bank of Ghana, Dr Johnson Asiama, said in an interview with the Graphic Business that the central bank was finalising the regulatory framework subject to the conclusion of internal processes and stakeholder consultations.
For many, cryptocurrencies have gone from a curiosity to a force in finance, technology and culture, making them almost impossible to ignore.
Dr Asiama is upbeat about the opportunities responsibly managed virtual assets can offer, including enhanced access to financial services, more efficient cross-border transactions, and increased innovation in the financial sector.
“Nonetheless, the BoG remains committed to implementing strong safeguards to protect the financial system,” the Governor said.
“The Bank is aware of the existence of virtual asset activities within Ghana’s market. The regulatory framework seeks to bring such activities into a supervised environment to mitigate associated risks while harnessing potential benefits,” he added.
Earlier in 2018, the BoG issued a public notice cautioning the public about engaging in cryptocurrency transactions, citing the absence of a legal framework.
The bank softened its stance a couple of years later when it published an announcement in which it called for input from experts and the general public as it prepared to draft a framework to guide the use of cryptocurrencies in the country.
Since that announcement, institutions such as Binance, the world’s leading cryptocurrency exchange, have expressed their readiness to help Ghana draft a comprehensive regulation to ensure that the country maximises the benefits of the ever-growing blockchain industry.
The step by the central bank has heightened excitement among industry players who say the move is a welcome development.
The Ghana FinTech and Payments Association (GFPA) hailed the BoG’s plan to regulate digital currencies, seeing it as a necessary step to formalise a rapidly growing sector.
The President of the Association, Martin Kwame Awagah, said the regulation will provide much-needed legal clarity, reduce fraud risks and attract investment.
He urged a collaborative approach to ensure that compliance does not stifle startups or push transactions underground.
“Lessons from other markets show that overly strict regulations can hinder growth. For instance, Nigeria’s 2021 crypto ban led to a 38 per cent drop in P2P volumes before later revisions.
Ghana’s framework should instead follow progressive models practised in other countries, where licensing is tiered based on risk,” Mr Awagah stated.
” We advocate for sandbox testing, clear tax guidelines, and proportional anti-money laundering (AML) rules to ensure a thriving, compliant ecosystem,” he added.
For her part, the Chief of Staff and Director of Strategy at Yellow Card, Gillian Darko, said over the years, her outfit has been preparing for the formalisation of regulations while expanding across Africa and maintaining compliance with global standards.
She welcomed the development, adding that “by incorporating clarity and inclusivity, proportional compliance requirements, stakeholder engagement and support for innovation, the BoG can create a regulatory environment that safeguards the financial system while promoting growth and innovation in the FinTech sector.”
But the Dean of Business School of the University of Cape Coast (UCC), Professor John Gatsi, has called for a comprehensive feasibility study to guide potential regulatory measures for the cryptocurrency and blockchain ecosystem in Ghana.
Prof. Gatsi, who is also an economist, explained that transaction volumes involving virtual currencies such as Bitcoin were rising steadily, with increasing participation from the middle-class and a significant number of young people.
The development, he said, needed proactive regulatory intervention by institutions such as the BoG and the Securities and Exchange Commission (SEC).
In an interview with the Graphic Business, the economist said without a clear regulatory framework, the country could be exposed to vulnerabilities, including financial crimes and loss of public trust in digital platforms.
He noted that while a specific timeline for implementation remains uncertain, understanding the landscape and associated risks should be prioritised.
“Given the calibre of individuals and the volume of transactions in the space, it is important that a feasibility study is conducted to assess the implications of regulation.
“Although I cannot predict a specific timeline for implementation, the need to explore the landscape and its risks cannot be overlooked,” he said.
Prof. Gatsi further stressed that regulators must ensure the safety of participants while providing clear guidelines for the sector’s operations, adding that effective regulation could have far-reaching benefits for the economy.
“It would also bring certainty to the market and strengthen the financial technology (FinTech) ecosystem by integrating digital asset activities into the formal economy,” he stated.
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