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Johnson Asiama, the governor of the Bank of Ghana (BoG), said at the International Monetary Fund’s meetings in Washington recently that the country had “done a lot of work in the past four months to put together the regulatory environment,” and create legislation. The bill is likely to be introduced by the end of this year.
More and more countries in Africa are taking steps to regulate crypto cureencies. Following Kenya passing a bill regulating the crypto industry, Ghana’s central bank is also going to put in place regulations by the end of the year.
Johnson Asiama, the governor of the Bank of Ghana (BoG), said at the International Monetary Fund’s meetings in Washington recently that the country had “done a lot of work in the past four months to put together the regulatory environment,” and create legislation. The bill is likely to be introduced by the end of this year.
It may be recalled that Kenya’s virtual asset service providers (VASP) bill passed through the country’s parliyament on Oct. 7, establishing licensing, consumer protections, and a framework for exchanges, brokers, wallet operators and token issuers.
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Previously, the BoG set a deadline of September for crypto regulations. The bank also issued draft guidelines in August 2024, while seeking additional public feedback. Asiama said the laws are only the first part of the process, because “the ability to monitor,” crypto flows “will be key.” Therefore, he asserted that the country was developing the expertise, the manpower and setting up a new department to regulate crypto. Over 3 million people in Ghana, representing roughly 8.9% of the country’s 34 million population, use crypto in some form.
