Sam George says over 3.1 million Ghanaians using virtual assets to come under regulation

Samuel Nartey George, the Communications and Digital Technology Minister, revealed that more than 3.1 million Ghanaians are currently using virtual assets, such as cryptocurrencies. In his address at the inaugural African Virtual Assets Summit, organized by the Securities and Exchange Commission, the minister emphasized that the government's intention to regulate the sector is aimed at bolstering the ecosystem and protecting its usage.

During his keynote speech, George highlighted that Ghana ranks 29th globally for cryptocurrency adoption, with roughly 3.1 million Ghanaians actively utilizing these digital assets. To ensure the safety of these digital financial transactions, Ghana has passed the Cybersecurity and Virtual Asset Bills, officially known as Act 1154.

The regulation is not intended to impede innovation but rather to safeguard the burgeoning virtual assets sector within the country. Dr. Johnson Asiamah, the Governor of the Bank of Ghana, expressed that virtual assets could be instrumental in addressing the longstanding issue of limited access to credit. Meanwhile, Mensah Thompson, the Deputy Director-General of the Securities and Exchange Commission, called for innovation among financial market regulators as the virtual assets market evolves and becomes increasingly sophisticated through technological advancements.

The summit served as a platform for African regulators to discuss strategies to transition from traditional cash transactions to digital platforms.