Sanaa:The Bank of Ghana has established a full department dedicated to regulating cryptocurrency businesses, reporting directly to the Governor. However, more than nine months after the law creating Ghana's crypto regime was passed by Parliament, firms still have no means to apply for a license.
According to Ghana Web, the Virtual Assets Department is one of the 25 departments listed in the Bank's 2026 Right to Information Manual, approved by Governor Dr. Johnson Pandit Asiama. This manual assigns the department the responsibility of overseeing, supervising, and regulating participants in Ghana's virtual assets ecosystem in accordance with the Virtual Asset Service Providers Act, 2025 (Act 1154), in collaboration with the Securities and Exchange Commission (SEC).
The department reports directly to the Governor, separate from the supervisory departments under the two Deputy Governors. Despite this arrangement, the licensing process has yet to commence. As of October 2, the Bank's website still indicated that its application process and fees would be available by the end of the third quarter of 2026, a deadline that has passed.
Officials have suggested that full implementation of the Act will not occur until 2027, as regulators are still finalizing guidelines and policy sandboxes. This represents a continuation of shifting timelines in the regulatory process. Initially, in 2025, Governor Asiama announced that crypto regulations would be operational by September of that year, requiring all virtual asset service providers to register by mid-August. However, registration was only to assess firms, not to license them.
By November 2025, over 100 firms had registered, and the Bank announced plans for a Virtual Assets Regulatory Office. The Virtual Asset Service Providers Bill was passed in December 2025, making it illegal to provide virtual asset services without appropriate registration or licensing under the Act. Dr. Seyram Pearl Kumah, the then Lead for Virtual Assets Regulation, had indicated that implementing instruments would be released by early 2026, cautioning that the Act did not legalize crypto trading.
Progress has been incremental, with the SEC publishing sandbox guidelines in January 2026 and initiating a sandbox for six firms in February. A joint directive from BoG and SEC in February instructed virtual asset providers to cease advertising within 48 hours. By July 2026, Tahiru Alhassan was identified as the Head of the Virtual Assets Department, outlining a dual regulatory model between the Bank and the SEC.
The Virtual Assets Coordinating Committee was inaugurated in August 2026, including members from the Bank of Ghana, SEC, Ministry of Finance, Cyber Security Authority, and Financial Intelligence Centre. The Bank will chair the committee for the first two years, after which the chairmanship will rotate to the SEC.
This departmental development is part of a broader effort by Governor Asiama to advance the central bank's digital finance capabilities. Concerns over the impact on the cedi have been raised due to the significant use of digital assets in Ghana, with estimates suggesting crypto transactions exceeded US$3 billion in the year to June 2024.
Until the licensing process is available, the firms that registered in 2025 remain unable to advertise and await the promised licensing opportunity. The RTI manual does not specify a timeline for when licensing will begin, the number of firms expected to qualify, or the consequences for those operating without approval once the regime is fully implemented.