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

Minister for Communications and Digital Technology, Samuel Nartey George, has revealed that over 3.1 million Ghanaians are utilizing virtual assets, including cryptocurrencies. At the inaugural African Virtual Assets Summit, organized by the Securities and Exchange Commission, George emphasized that the government's aim to regulate the sector is not meant to hinder innovation but to bolster the ecosystem and ensure the secure use of digital financial tools.

During his keynote speech, George highlighted the importance of regulation, stating, "Ghana will not stand on the sidelines to watch this change unfold; we will regulate it to make it safe for our people." According to the memorandum for the Virtual Assets and Services Providers Act, 2025, Act 1154, Ghana ranks 29th globally in cryptocurrency adoption, with approximately 3.1 million citizens engaging in these assets.

The activities surrounding this scale of usage cannot remain unregulated; hence, Act 1154 was enacted in parliament. Additionally, Dr. Johnson Asiamah, Governor of the Bank of Ghana, noted that the adoption of virtual assets could aid the government in overcoming the persistent issue of limited access to credit. The Deputy Director-General of the Securities and Exchange Commission, Mensah Thompson, encouraged financial regulators to demonstrate innovation as the virtual assets market evolves with technological advancements.

The summit, co-organized by the Securities and Exchange Commission of Ghana and its partners, offered African regulators a forum to discuss strategies to transition away from traditional cash-based systems.