The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has declared that cryptocurrency trading is now officially legal in Ghana, following the enactment of the Virtual Asset Service Providers Bill, 2025. Commonly referred to as the “crypto law,” the legislation establishes a comprehensive regulatory framework to oversee virtual asset operations and mitigate risks linked to digital currencies.
Dr. Asiama noted that the law removes longstanding uncertainty around crypto transactions, enabling authorities to strengthen oversight and ensure consumer protection nationwide. Addressing the Bank of Ghana’s annual Nine Lessons, Carols, and Thanksgiving Service at Bank Square in Accra on December 19, he emphasised that the measure marks a pivotal step toward enhanced regulation, more effective supervision, and a stronger, more resilient financial system.
“Effectively, virtual assets trading is now legal, and no one is going to be arrested for doing crypto, but we now have the framework to manage the risks involved,” he said. On consumer protection, Dr Asiama stated that the legalisation of cryptocurrency trading does not amount to a free-for-all, but rather the introduction of firm rules to protect consumers and the financial system.
He said the new law empowers the Bank of Ghana to license, supervise and monitor entities operating in the digital asset space. According to him, the absence of regulation in the past exposed users to fraud, money laundering and systemic risks, which the new framework seeks to address.
“What this means is that now we have the framework to manage it and to manage the risks that can involve that kind of activity,” he said. He added that systems were being put in place to ensure transparency, accountability and compliance as the sector grows. Dr Asiama said the crypto law was also intended to support innovation and expand financial inclusion, particularly among young people and technology-driven entrepreneurs.
He observed that many Ghanaians—particularly the youth—were already deeply engaged in digital assets despite the absence of clear legal backing. With the sector now formalised, he explained, Ghana is positioned to leverage the advantages of blockchain technology while curbing its potential risks. He emphasized that regulation would serve as a magnet for reputable investors and fintech companies, stimulate job creation, and drive economic diversification.
“These are more than legislative milestones; they are catalysts for stronger policies, tighter supervision, and more effective regulation,” he remarked, underscoring that innovation must flourish within a secure and well-governed financial system
Touching on financial stability, the Governor said the passage of the crypto law, alongside amendments to the Bank of Ghana Act, reflects lessons learned from past economic shocks and the need to safeguard institutional credibility. While welcoming the progress made, he cautioned that risks have not disappeared and called for vigilance as the country operates in an uncertain global economic environment.
“The progress gives us room to move, but it also calls for responsibility and vigilance,” he said. He assured the public that the central bank remains committed to maintaining stability while supporting innovation in the financial sector. On the amendments to the Bank of Ghana Act, Dr Asiama said the changes were aimed at preventing a recurrence of the domestic debt exchange and governance lapses that characterised the 2022 crisis.
He explained that the revised law strengthens the central bank’s independence, governance structures and operational safeguards to protect the economy and investors. “The amendments we have made ensure that the kind of debilitating actions we saw in 2022 will never happen again,” he said. The annual Nine Lessons, Carols and Thanksgiving Service was attended by current and former staff of the Bank of Ghana, heads of banks and other financial institutions.
Among those present were a former Minister of Finance, Seth Terkper; the Chief Executive Officer of the Ghana Association of Banks, John Awuah; the First Deputy Governor, Dr Zakari Mumuni; and the Second Deputy Governor, Matilda Asante Asiedu. The service was held on the theme “Oh, give thanks to the Lord, for He is good! For His mercy endures forever”. The Founder and General Overseer of Action Chapel International, Archbishop Nicholas Duncan Williams, who led the exhortation, encouraged Ghanaians to cultivate the habit of gratitude. “Showing gratitude guarantees progress in life,” he said.
Source: Maclean Kwofi
