The Bank of Ghana (BoG) has established a new committee to help regulate cryptocurrencies and other digital assets in Ghana ahead of the full implementation of the country’s first virtual asset law by 2027.

The Virtual Assets Coordinating Committee (VACC) brings together the Bank of Ghana, the Securities and Exchange Commission (SEC), the Ministry of Finance, the Cyber Security Authority and the Financial Intelligence Centre.

Speaking at the inauguration, BoG Governor Dr Johnson Pandit Asiama said the committee would help ensure that the new law is properly implemented.

Under the Virtual Asset Service Providers Act, 2025 (Act 1154), leadership of the committee will rotate between the BoG and the SEC. The BoG will lead the committee for the first two years.

Dr Asiama said the law became necessary after a 2024 assessment found that more Ghanaians were using cryptocurrencies and other digital assets, with the sector becoming increasingly interconnected with the formal financial system.

“This was critically needed following the National AML/CFT/PF Risk Assessment on Ghana conducted in 2024, which revealed significant adoption and use of virtual assets in Ghana, with growing interconnectedness with the formal financial system,” he said.

He said the country needed clear rules to guide the sector and protect users and the financial system.

The BoG and SEC are currently working on guidelines and testing possible rules through regulatory testing programmes as they prepare to fully implement the law by 2027.

The committee will also help government agencies share information and collaborate to address risks associated with digital assets, including fraud, money laundering, terrorist financing, cyber threats and consumer protection.

Dr Asiama said the committee’s work would also support efforts to maintain financial stability in the country.

He urged members to act quickly, saying the rapid growth of cryptocurrencies and digital finance meant Ghana could not afford to delay putting proper regulations in place.

DR/MA