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Ghana’s Act 1154 classifies virtual asset advocacy as a standalone regulated activity, separate from trading, custody or any other service category. Ghana legislated control over the public narrative around virtual assets and enforced it before the detailed rules were published.
The Bank of Ghana and the Securities and Exchange Commission issued a joint directive on 20 February ordering all virtual asset service providers in Ghana to stop advertising their products to the public. Providers, including those operating within the BoG-SEC sandbox, have 48 hours to take down billboards and all other mass marketing materials. The regulators warned of "severe sanctions" for non-compliance.
The directive cites the Virtual Asset Service Providers Act, 2025 (Act 1154), which classifies crypto advocacy as a regulated activity requiring registration with both the BoG and SEC. Detailed advertising rules have not yet been published.
Ghana is moving faster than most of West Africa on digital asset legislation. This directive is the first visible enforcement action under a legislative framework that is less than two months old.
At the symposium, the BoG’s fintech head said virtual asset innovation “must never be interpreted as a replacement for the Ghana cedi.”
The BoG has set up a dedicated Virtual Assets Regulatory Office (VARO) to oversee compliance.
