The Government is aiming for 2027 to start using the Virtual Asset Service Providers Act, 2025 (Act 1154). The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) are working to build the rules that will guide the asset sector in Ghana. This sector is changing fast. The new law is meant to bring it under a proper system of rules.
The Governor of the Bank of Ghana Dr Johnson Asiama said that the two groups are making rules and setting up testing areas called policy sandboxes. These are meant to help put the law into action by 2027.
Dr Asiama talked about this at the start of the Virtual Assets Coordinating Committee (VACC). He said the law is a step in making sure the growing virtual asset sector in Ghana is under proper rules.
“The rules are being made by the groups in charge which’re the Bank of Ghana and the Securities and Exchange Commission. They are also setting up policy sandboxes to fully start using the law by 2027 ” he said.
The law came after worries raised by the 2024 Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing (AML-CFT-PF) risk assessment in Ghana.
According to Dr Asiama the assessment showed that people in Ghana are using assets more and more. It also showed that the sector is getting more connected to the financial system.
The report highlighted the need for a clear regulatory framework to govern the rapidly expanding virtual asset sector. So now we have Act 1154 ” he said.
The Governor said that making the rules and the policy sandboxes by the BoG and SEC is important for carrying out the law
The policy sandboxes are meant to be places where regulators can look at virtual asset products, services and how businesses work. They can find risks. Decide how to handle them.
This way Ghana can help new financial technology grow while making sure it does not cause problems for people or the financial system.
Dr Asiama said that setting up the VACC is another part of putting the law into action. This committee brings together the groups that watch over different parts of the sector.
The committee has people from the Bank of Ghana SEC, Ministry of Finance Cyber Security Authority and Financial Intelligence Centre. Other groups can join when needed.
He said the committee will be a place where the groups can work together on rules and supervision.
“The start of the assets coordinating committee is very important for putting the Virtual Assets Providers Act 2025 (Act 1154) into action. It will give a place where the groups can work together on rules and supervision ” Dr Asiama said.
Dr Asiama said that the way Ghana is making rules has to keep up with the changes in digital money. It also has to let good new ideas grow.
“The speed at which virtual assets and digital money are changing around the world means we can’t just sit and wait ” he said.
He said that working together and sharing information is important to create a system for assets that is safe well managed and can help new ideas grow.
The Governor said the VACC will also help Ghana deal with the risks from assets, such as money laundering, terrorism, cyber issues and protecting customers.
The committee will help ensure the law is implemented consistently across all relevant institutions and areas. It will help with sharing information and working together help deal with problems and make sure Ghana can manage money laundering, terrorism, cyber issues, customer protection and other problems linked to virtual assets ” he said.
The committee is important because virtual asset work can involve parts of the finance and digital world. Good teamwork between the groups can help close gaps in rules. Make it better to deal with new dangers.
For people and businesses the final version of Act 1154 should make the rules clearer.. Even with rules there will still be risks like changes in prices, tricks and problems with security. So people need to stay aware.
Dr Asiama said the start of the VACC is a step from making the law to building a real system of rules.
“This start today is a step from making the law to building a real, working and lasting system of rules for virtual assets in Ghana ” he said.
With 2027 as the goal, for making the law work the BoG and SEC now have to make the law into rules and ways to watch over it. How well the system works will depend on rules, strong rules, working together and being able to change as technology changes.
Ghanas plan could help decide how virtual assets are brought into the countrys money system. It can protect people. Allow new ideas to grow in a safe way.