BoG signals stronger supervision and incoming crypto regulations

The Bank of Ghana (BoG) has reaffirmed its commitment to key supervisory priorities. These include governance, anti-money laundering (AML), cybersecurity, climate risk, and innovation oversight. There is a renewed focus on digital readiness and crypto regulation.

At the Post-Monetary Policy Committee (MPC) Meeting with bank CEOs, BoG Governor Dr. Johnson P. Asiama spoke about supervision. He emphasized that the Bank's approach will continue but deepen in scope. There will be greater emphasis on early warning systems and direct board-level engagement.

Dr. Asiama stated, “We expect deeper accountability and a stronger risk culture across institutions — not just compliance.”

Crypto Regulation on the Horizon

The Governor announced that the BoG is finalizing a regulatory framework for cryptocurrencies. This effort involves collaboration with the Securities and Exchange Commission (SEC) and other stakeholders.

“This will bring clarity, mitigate risks, and support responsible innovation,” he noted. This framework aligns with global standards for a rapidly growing financial sector trend.

He urged financial institutions to prepare for the incoming regulations by:

- Strengthening AML/CFT and KYC protocols for clients dealing in digital assets.
- Investing in secure IT infrastructure and cyber defenses.
- Participating in the BoG’s regulatory sandbox for crypto-related pilots.
- Educating clients on crypto risks and compliance obligations.
- Assessing institutional exposure and internal readiness for crypto activities.

“This is no longer a theoretical issue,” the Governor stressed. “The market is evolving. Regulation is coming. Financial institutions must be ready.”

As part of its evolving supervisory framework, the BoG plans to enhance forward-looking supervision. This means ensuring earlier risk detection and regulatory intervention. The plan includes more direct interaction with bank boards and shifting from tick-box compliance to active risk management.