‘Cryptocurrency ban still in effect’ Ghana’s finance ministry

All financial institutions in the country have received fresh instructions to refrain from engaging in crypto-related activities.

‘Cryptocurrency ban still in effect’ Ghana’s finance ministry
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The Ghanaian government has reiterated its ban on the use of cryptocurrencies in all financial transactions, stressing that all financial institutions in the country have been instructed to avoid engaging in any crypto-related activities. 

Quick facts  

  • Dr. Mohammed Amin Adam, the Minister of State at the Finance Ministry, reminded the public of the government’s stance in parliament while responding to questions from lawmakers. 
  • The minister warned that financial institutions have been instructed not to engage in cryptocurrency transactions until the central bank has established a comprehensive regulatory framework. 

Key quote  

“While the government remains open to exploring associated technologies, such as blockchain and distributed innovations, within a controlled framework, we are currently in the process of developing comprehensive guidelines; until such a framework is established, we reiterate our directive as conveyed through various notices, including the one issued on March 9, 2022.  
This directive explicitly prohibits all institutions licensed by the Bank of Ghana from facilitating cryptocurrency transactions through their platforms or agent outlets.” 

Before now  

  • In April 2022, the central bank warned banks and other financial institutions about the risks associated with cryptocurrency trading and other unregulated investment schemes. 
  • According to the bank, the objective was to ensure the regulation and integrity of the digital space concerning cryptocurrency activities and to protect consumers and the financial system from potential risks and fraudulent schemes.