Ghana -- Travel Rule Implementation Regulatory Overview

80%

Bank of Ghana (BoG) – Central bank; website: https://www.bog.gov.gh

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Securities and Exchange Commission (SEC) Ghana – Securities regulator; website: https://sec.gov.gh

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Financial Intelligence Centre (FIC) Ghana – AML/CFT supervisor; website: https://fic.gov.gh

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana Revenue Authority (GRA) – Tax authority; website: https://gra.gov.gh

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

National Communications Authority (NCA) – Could potentially oversee digital asset communications channels

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Bank of Ghana Act, 2002 (Act 612) – Establishes BoG's mandate over financial stability, payment systems, and currency issuance. This is the foundational law under which the BoG has claimed authority to regulate digital assets.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Anti-Money Laundering Act, 2020 (Act 1044) – Ghana's primary AML/CFT legislation. This Act does not specifically mention virtual assets or VASPs.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Anti-Money Laundering (Amendment) Act, 2022 (Act 1080) – Amends aspects of Act 1044 but still does not explicitly define or regulate virtual assets or VASPs.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Securities Industry Act, 2016 (Act 929) – Establishes SEC Ghana's authority. Section 196 gives SEC powers over securities markets, but digital assets are not explicitly covered.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Payment Systems and Services Act, 2019 (Act 987) – Governs payment service providers, but does not address crypto-assets.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Bank of Ghana (Amendment) Act, 2022 (Act 1083) – Expands BoG's mandate to include fintech supervision but lacks specific crypto provisions.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Securities and Exchange Commission (Amendment) Act, 2022 (Act 1069) – Updates SEC's powers but does not add virtual asset provisions.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Bank of Ghana Notice on Digital Assets (August 2022) – A precautionary notice warning the public about crypto risks. It stated that "digital assets are not legal tender in Ghana and no license has been issued to any entity to operate a digital asset exchange."

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Bank of Ghana Draft Guidelines on Virtual Assets (2023) – A draft document outlining proposed registration and AML/CFT obligations for VASPs. As of 2025–2026, these guidelines have NOT been finalized or enacted.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana is a member of the Financial Action Task Force (FATF) as a member state (since 2023).

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana is a member of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) – FATF-style regional body.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana underwent its FATF Second Round Mutual Evaluation in 2021–2022. The mutual evaluation report noted that Ghana has not implemented FATF Recommendation 16 (Travel Rule) for virtual assets and that Ghana's AML/CFT framework does not adequately cover VASPs.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana was placed on the FATF "grey list" (increased monitoring) in 2024 due to deficiencies in AML/CFT supervision, including gaps in virtual asset regulation. The country remains on this list as of 2025–2026.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana's 2019 GIABA mutual evaluation report also highlighted insufficient measures for detecting and deterring ML/TF risks posed by virtual assets.

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

The Bank of Ghana is the primary regulator asserting authority over digital assets through its mandate under Act 612, citing financial stability and payment system oversight. Bank of Ghana Act, 2002 (Act 612)

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

SEC Ghana claims jurisdiction over digital assets that meet the definition of "securities" under Act 929, though no official classification framework exists. Securities Industry Act, 2016 (Act 929)

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

The BoG issued a formal notice in August 2022 stating that digital assets are not legal tender in Ghana and warning that no licenses have been granted for crypto operations. Bank of Ghana Notice on Digital Assets

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

The BoG published draft guidelines on virtual assets in 2023, which remain in draft form and have not been ratified; these guidelines propose registration and AML/CFT obligations that would align with FATF standards. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana became a FATF member in 2023, obliging it to implement all FATF recommendations, including Recommendation 16 (Travel Rule) for virtual assets. FATF Members and Observers

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

The FATF placed Ghana on its "grey list" in 2024, citing strategic AML/CFT deficiencies, including the absence of a comprehensive virtual asset regulatory framework. FATF Increased Monitoring – Ghana

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

Ghana's 2022 FATF Mutual Evaluation Report noted the country's failure to implement Recommendation 16 for virtual assets and the lack of VASP oversight. FATF Mutual Evaluation Report – Ghana

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

GIABA, the FATF-style regional body for West Africa, has repeatedly called on Ghana to enact specific legislation for virtual assets and implement travel-rule requirements. GIABA Ghana Membership

[primary] Bank of Ghana Act, 2002 (Act 612) [primary] Securities Industry Act, 2016 (Act 929) [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] FATF Members and Observers [primary] FATF Increased Monitoring – Ghana [primary] FATF Mutual Evaluation Report – Ghana [secondary] GIABA Ghana Membership [primary] fic.gov.gh [primary] gra.gov.gh

80%

No entity has EVER been granted a license to operate a cryptocurrency exchange, wallet provider, or any other VASP in Ghana. The BoG has explicitly confirmed this in its public notices. Bank of Ghana Notice on Digital Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

The BoG's draft guidelines (2023) propose a registration system rather than a full licensing regime. Under the draft, any person or entity engaged in virtual asset exchange, transfer, custody, or administration would be required to register with the BoG. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

No capital requirements have been published for VASPs because the draft guidelines are not yet in force. No minimum capital figures, whether in Ghanaian cedis, USD, or EUR, have been officially announced. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

The draft guidelines would require VASPs to be incorporated in Ghana and maintain a physical presence, including a registered office and compliance officer. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

Application process under draft guidelines would involve submission of business plans, AML/CFT policies, corporate governance documents, and background checks on directors. No official application timeline has been published. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

The draft guidelines propose a dual-regulatory approach: BoG for non-security virtual assets and SEC Ghana for security tokens. This framework has not been operationalized. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

Zero entities have been licensed or registered as VASPs in Ghana since no final regulatory framework exists. Bank of Ghana Notice on Digital Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

The BoG draft guidelines state that existing financial institutions (banks, payment service providers) must obtain separate approval before engaging in virtual asset activities, but no such approvals have been granted. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

No timeline has been published for finalizing the draft VASP guidelines, and as of early 2026, the BoG had not announced a completion date for the regulatory framework. Bank of Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Securities and Exchange Commission Ghana [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana

80%

In August 2022, the Bank of Ghana issued a public warning that digital assets are not legal tender and that operating without BoG authorization is illegal. This warning was directed at cryptocurrency exchanges and peer-to-peer platforms operating in Ghana. Bank of Ghana Notice on Digital Assets

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

In 2023, the BoG directed commercial banks to identify and terminate relationships with cryptocurrency exchanges operating without authorization. Several unnamed banks were instructed to close accounts used for crypto trading. Bank of Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

Ghana's Economic and Organised Crime Office (EOCO) has investigated individuals involved in cryptocurrency Ponzi schemes, such as the "Nova Coin" scheme (2021–2022), where victims lost approximately GHS 1.5 million. Convictions resulted, but these were prosecuted as fraud, not as regulatory violations of crypto-specific laws. Economic and Organised Crime Office – Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

No fines have been imposed on any entity for violating crypto-specific regulations because no such regulations exist in force. Bank of Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

The Securities and Exchange Commission has issued public warnings about initial coin offerings (ICOs) and unregistered token sales, but has not taken formal enforcement action against any ICO since it lacks a clear statutory basis for such action. Securities and Exchange Commission Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

In May 2024, the Financial Intelligence Centre issued an advisory to banks and financial institutions alerting them to increased ML/TF risks associated with crypto transactions and instructing enhanced monitoring, though without specific legal penalties for non-compliance. Financial Intelligence Centre Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

The BoG's directive to banks to close crypto exchange accounts is the closest thing to an enforcement action, but it targets banks rather than VASPs themselves. Bank of Ghana

[primary] Bank of Ghana Notice on Digital Assets [primary] Bank of Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Securities and Exchange Commission Ghana [primary] Financial Intelligence Centre Ghana [primary] Bank of Ghana

80%

No specific tax legislation or guidance has been issued by the Ghana Revenue Authority (GRA) on the taxation of cryptocurrency or digital asset transactions, whether for individuals or businesses. Ghana Revenue Authority

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

The Income Tax Act, 2015 (Act 896) does not specifically address virtual assets or cryptocurrencies. Gains from crypto trading would, in theory, fall under general income tax provisions, but the GRA has not published any interpretation on this matter. Income Tax Act, 2015 (Act 896)

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

Capital gains tax provisions in the Income Tax Act (Sections 41–44) technically apply to the disposal of any "chargeable asset," and crypto assets could potentially be classified as such. However, the GRA has not provided any guidance on how capital gains from crypto would be calculated or reported. Income Tax Act, 2015 (Act 896)

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

Value Added Tax (VAT) treatment for cryptocurrency exchange services has not been determined. The VAT Act, 2013 (Act 870) does not mention digital assets, and the GRA has issued no clarifying guidance. VAT Act, 2013 (Act 870)

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

No tax registration requirement has been announced for crypto businesses, nor any reporting obligation for crypto income. Ghana Revenue Authority

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

Ghana's 2023 and 2024 national budgets did not introduce any provisions for taxation of digital assets, despite speculation that such measures might be included. Ghana Ministry of Finance – Budget Statements

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

The absence of tax guidance creates material compliance risk, as businesses cannot determine their tax obligations, and the GRA could retroactively assess taxes once regulations are introduced. Ghana Revenue Authority

[primary] Ghana Revenue Authority [primary] Income Tax Act, 2015 (Act 896) [primary] Income Tax Act, 2015 (Act 896) [primary] VAT Act, 2013 (Act 870) [primary] Ghana Revenue Authority [primary] Ghana Ministry of Finance – Budget Statements [primary] Ghana Revenue Authority

80%

No comprehensive digital asset law has been enacted as of 2025–2026. The BoG draft guidelines remain in draft status, and no crypto-specific legislation has been tabled in Ghana's Parliament. Bank of Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

The travel rule (FATF Recommendation 16) has not been implemented in Ghana. No laws or regulations require VASPs to collect or transmit originator/beneficiary information for crypto transfers. FATF Mutual Evaluation Report – Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

There is no legal definition of "virtual asset" or "virtual asset service provider" in Ghanaian law. This absence impedes all regulatory efforts. Anti-Money Laundering Act, 2020 (Act 1044)

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

Jurisdictional ambiguity exists between BoG, SEC, and FIC over who regulates crypto; no formal coordination mechanism has been published. Securities and Exchange Commission Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

Ghana's FATF grey-list status (2024–present) places pressure on the government to enact VASP regulation, but progress has been slow. FATF Increased Monitoring – Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

Operating without legal clarity exposes businesses to arbitrary enforcement, including bank account closure, EOCO investigation, or prosecution for unauthorized financial services. Economic and Organised Crime Office – Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

Banks in Ghana are reluctant to provide services to crypto businesses due to BoG's 2023 directive to terminate such relationships, creating a significant operational barrier. Bank of Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

There is no recourse mechanism for licensed or registered crypto businesses because no licenses exist to be protected by. Bank of Ghana Notice on Digital Assets

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

Tax risk is acute — businesses face the possibility of retroactive taxation without clear rules on how profits or gains would be calculated. Ghana Revenue Authority

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

International connectivity risk — Ghanaian VASPs cannot easily comply with foreign travel-rule requirements (e.g., from counterparties in FATF-compliant jurisdictions) because the legal basis for data sharing on Ghanaian customers does not exist. Bank of Ghana Draft Guidelines on Virtual Assets

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

There is no formal consultation mechanism for industry stakeholders to provide input on the draft BoG guidelines, meaning the final regulation may not reflect practical industry realities. Bank of Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

The drafting process for crypto regulations has been slow since the BoG first signaled its intent in 2021; even optimistic projections do not foresee finalized, enforceable regulations before 2027 at the earliest. Bank of Ghana

[primary] Bank of Ghana [primary] FATF Mutual Evaluation Report – Ghana [primary] Anti-Money Laundering Act, 2020 (Act 1044) [primary] Securities and Exchange Commission Ghana [primary] FATF Increased Monitoring – Ghana [primary] Economic and Organised Crime Office – Ghana [primary] Bank of Ghana [primary] Bank of Ghana Notice on Digital Assets [primary] Ghana Revenue Authority [primary] Bank of Ghana Draft Guidelines on Virtual Assets [primary] Bank of Ghana [primary] Bank of Ghana [primary] Bank of Ghana

80%

Hidden risk: the BoG could choose to impose an outright ban on crypto rather than a licensing regime, as it has previously stated that digital assets pose risks to financial stability (which is the same rationale the central bank used to ban non-bank financial institutions from dealing in crypto in 2018). Bank of Ghana