- Ghana‘s central bank is prioritizing crypto regulation over its eCedi digital currency rollout.
- The Bank of Ghana has established a digital asset regulatory unit to tackle “financial integrity risks” from unregulated cryptocurrency exchanges.
- New regulatory framework for digital assets must be completed by September 2025 as mandated by regional anti-money laundering authorities.
Ghana’s central bank has shifted its focus from launching the national digital currency (eCedi) to establishing regulatory oversight for cryptocurrency platforms, according to Bank of Ghana Governor Dr. Johnson Asiama. Speaking at the IMF/World Bank Spring Meetings in Washington, Asiama emphasized the urgent need to address risks posed by unlicensed crypto exchanges operating in the country.
The eCedi pilot program, one of Africa‘s pioneering central bank digital currency (CBDC) initiatives, has already completed testing phases including offline functionality, retail payment integration, and financial inclusion features. However, the full implementation has been postponed as authorities prioritize crypto regulation.
Regulatory Focus on Cryptocurrency Exchanges
“Cryptocurrency exchanges like Binance operate in Accra without engagement, transparency, or tax compliance,” Asiama stated during the meetings. “This cannot continue.” To address these concerns, the central bank has established a dedicated digital asset regulatory unit and is collaborating with Ghana’s Securities and Exchange Commission to develop a comprehensive oversight framework.
The regulatory push comes under mandate from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), requiring Ghana to finalize its regulatory approach by September 2025. The framework will implement licensing requirements, tax accountability measures, and transaction monitoring systems for digital asset platforms operating in the country.
eCedi Development Continues Despite Delays
While reaffirming Ghana’s commitment to eventually launching the eCedi, Asiama acknowledged the project faces complex challenges balancing innovation with monetary sovereignty and security concerns. “The eCedi is coming, but not immediately,” he noted, pointing out that central banks in emerging markets worldwide face similar difficulties navigating rapid financial digitization.
The regulatory pivot reflects broader tensions between advancing technological innovation and managing systemic risks in Ghana’s financial system. This approach mirrors trends across other African nations, where authorities increasingly prioritize oversight of cryptocurrency activities to protect investors and state revenues.
Ghana’s success in establishing effective crypto regulations while continuing eCedi development could influence digital finance strategies throughout West Africa. However, prolonged delays might impact the country’s ambitions to lead regional financial innovation as it balances modernization with stability requirements.
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