Bank of Ghana Governor Dr Johnson Asiama has said Ghana can no longer ignore cryptocurrency and virtual assets as the digital finance sector continues to grow.

Speaking in the final episode of the Monetary Policy Committee (MPC) Educational Observership Programme, Dr Asiama said the growing use of crypto requires Ghana to build the expertise and regulatory framework needed to properly manage the sector.

“Crypto goes on, whether you like it or not, whether you see it or not, it goes on,” he stated.

He noted that regulators must understand the sector if they are to effectively supervise it.

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Dr Asiama said the Bank of Ghana must develop the necessary legal framework and expertise to regulate virtual assets and protect users.

“We should rather develop the legal framework, the expertise to be able to administer it,” he explained.

He disclosed that the law governing virtual assets is already in place, with guidelines being developed to support the licensing of platforms operating in the sector.

The Governor acknowledged the risks associated with virtual assets but said regulation was necessary given the growing use of crypto in Ghana.

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“It’s a very risky area, but we have no choice. We just have to be able to regulate it and protect Ghanaians,” he said.

Dr Asiama also identified fintech as another area with growing demand for skilled professionals, urging young people to develop expertise in technology and financial innovation as Ghana’s financial sector continues to evolve.

DR/MA

Time with the Governor | Part 3: MPC Educational Observership Programme