Accra: The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have reaffirmed their commitment to strict oversight and market discipline to match the rapid growth of virtual assets. The assurance was given at the Ghana Virtual Assets and Financial Services Symposium, where discussions focused on financial integrity, regulatory coordination, and safeguarding the financial system.
According to Ghana News Agency, the symposium, organised by the Chamber of Digital Assets and Blockchain Innovations, brought together industry players to deliberate on the future of Ghana’s digital asset ecosystem. Speakers from the two institutions said virtual assets were becoming an important part of the financial landscape but must be anchored on transparency, accountability, and investor protection.
Mr. Mensah Thompson, Deputy Director-General (Finance) at the SEC, stated that the Commission was placing financial integrity at the center of the emerging regulatory framework. He announced that the SEC would publish the Virtual Asset Regulatory Sandbox Guidelines next week to enable supervised testing of virtual asset services. Mr. Thompson mentioned that the guidelines, refined with industry input, would support the operationalisation of the Virtual Asset Service Providers Act. The SEC’s approach, he said, prioritised investor protection and compliance with global standards, including the Financial Action Task Force (FATF) Travel Rule.
Ghana is determined not to become a weak link in the global financial system. The integrity of financial markets must not be compromised by illicit use of new technologies, Mr. Thompson remarked. He disclosed that guidelines on digital and online foreign exchange trading were near completion and said the SEC would continue to clamp down on unlicensed operators to safeguard investor confidence.
Mr. Caleb Owuraku Asare, Head of FinTech and Innovation at the Bank of Ghana, emphasized that integrity and consumer protection were central to the virtual asset ecosystem. He noted that such activities must comply with Ghana’s financial laws and not undermine macroeconomic stability or monetary operations. Although the innovation surrounding virtual assets is welcome, it must never be interpreted as a replacement for the Ghana cedi, he stated.
Mr. Asare mentioned that the Bank was monitoring demand for foreign-backed digital assets and noted that Ghana could develop cedi-backed stable coins if necessary. He cited ongoing cross-border pilot initiatives, including one with the National Bank of Rwanda, as evidence of the Bank’s commitment to responsible innovation. Mr. Asare concluded by stating that strong market conduct and compliance were required from operators, adding that informed investors and responsible service providers are essential to maintaining market integrity.