Key Takeaways:
Ghana passed the VASP Act of 2025 to regulate its fast-growing virtual asset and cryptocurrency sector.Over 3 million Ghanaians now use crypto, boosting fintech but posing fraud risks to the financial system.The Securities and Exchange Commission and the Bank of Ghana are currently developing licensing rules.To implement the new law, the Securities and Exchange Commission and the Bank of Ghana are developing licensing rules, governance standards, and risk management requirements for virtual asset service providers. The framework will introduce prudential and supervisory measures to protect investors and support market stability.
The report said stakeholder consultations and capacity-building programs are underway to strengthen regulatory coordination as the sector expands.
Ghana’s regulatory push comes amid continued growth in the country’s fintech industry, supported by increased digitalization and innovation in payments and financial services. But the review also flagged concerns about the rise of unregulated digital lending platforms, noting that the Bank of Ghana has issued directives to rein in illegal lending apps operating outside the formal framework.
The review said digital finance innovation could advance financial inclusion and economic growth, but stressed the need for ongoing regulatory vigilance to contain emerging risks.
