– safeguard Ghanaians in Virtual Asset Market
By Eugene Davis
The Bank of Ghana (BoG) has proposed the establishment of a Continuous Monitoring Program for the country’s virtual assets ecosystem to help detect and prevent illicit activities such as money laundering and terrorist financing.
This recommendation forms part of a broader policy package by the Bank on Ghana’s evolving stance toward Virtual Assets and Virtual Asset Service Providers (VASPs).
According to the Bank, the proposed monitoring framework will ensure compliance with international standards set by the Financial Action Task Force (FATF), strengthen regulatory supervision, mitigate reputational and financial risks, and uphold the integrity of Ghana’s virtual assets market.
The policy report recommends that entities offering virtual asset services be formally recognized as VASPs and required to register or obtain licenses from relevant authorities — such as the BoG or the Securities and Exchange Commission (SEC) — based on the type of activity performed rather than the underlying technology used. The framework primarily targets digital assets that rely on distributed ledger technologies for value storage or transfer and are not currently regulated under existing financial laws.
It further proposes that the legal and regulatory foundation for virtual assets be anchored on the Anti-Money Laundering Act, 2020 (Act 1044) and harmonized with global standards from bodies such as FATF, IMF, IOSCO, FSB, and BIS. Aligning with these standards, the Bank believes, will promote confidence, strengthen financial stability, and prevent the misuse of virtual assets for illicit purposes.
Among other key recommendations, the Bank proposes to:
Enforce the FATF “Travel Rule”, requiring VASPs to collect and share accurate sender and receiver data on all virtual asset transactions.
Clarify regulatory responsibilities, assigning the BoG oversight of payment, custody, and stability-related activities; the SEC supervision of trading and investment activities; and the Financial Intelligence Centre (FIC) enforcement of AML/CFT compliance in coordination with the BoG and SEC.
Establish a dedicated Virtual Assets Regulatory Office (VARO) to oversee VASP operations, coordinate interagency workstreams, engage international partners, and liaise with domestic regulators such as the GRA and NCA.
Maintain Ghana’s position that virtual assets are not legal tender and cannot be used for settlement within the financial system.
Launch a National Virtual Assets Literacy Initiative (NaVALI) to raise public awareness, curb scams, and promote responsible participation, particularly among the youth.
These measures follow the findings of the 2024 National AML/CFT/CPF Risk Assessment, which revealed the rapid growth of Ghana’s virtual assets ecosystem — now comprising over 3 million users — and the emergence of more than 100 VASPs providing exchange, wallet, and payment services.
While Ghana currently lacks a dedicated legal framework for virtual assets, the BoG and SEC have issued several public advisories since 2018 and, in August 2024, released Draft Guidelines on Virtual Assets, signaling a shift toward structured regulation.
Rather than impose an outright ban, Ghana is pursuing a risk-based regulatory framework that balances innovation and financial inclusion with consumer protection, monetary stability, and anti-financial crime safeguards — in line with international best practice.
