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SIGNAL

Ghana moves to control the virtual asset narrative before full licensing begins

Independence Arch — Accra, Ghana

George Appiah/Flickr

Oluwaseun Adeyanju
·4 min read
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The signal

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.

Why it matters

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.

  • The directive applies to all providers, including those in the sandbox. Mass marketing of crypto products requires authorisation that does not yet exist under the current framework.
Regulatory sequence Ghana
19 Dec 2025
Parliament passes the VASP Bill
30 Dec 2025
President Mahama signs it into law (Act 1154)
23 Jan 2026
SEC publishes sandbox guidelines, outlines seven service categories for licensing
~18 Feb 2026
Six entities admitted into one-year sandbox at inaugural Ghana Virtual Assets and Financial Services Symposium
20 Feb 2026
Joint BoG-SEC directive orders all VASP advertising removed within 48 hours

Between the lines

At the symposium, the BoG’s fintech head said virtual asset innovation “must never be interpreted as a replacement for the Ghana cedi.” 

  • The SEC's deputy director-general said, “Ghana will not become a weak link in the global financial architecture.” The joint advertising directive followed two days later.
  • The market underneath is growing fast. Ghana recorded over $10 billion in cryptocurrency transactions by November 2025, up from roughly $6 billion the year before.
  • VASPs investing in large-format outdoor advertising across Accra are signalling consumer-facing ambitions running ahead of the regulatory timeline.

The BoG has set up a dedicated Virtual Assets Regulatory Office (VARO) to oversee compliance.

  • The full licensing regime under Act 1154 is not yet operational. Existing VASPs may continue operating under transitional arrangements until the licensing window opens.

What to watch

  • The detailed advertising and advocacy rules, expected in Q1 2026
  • Whether enforcement extends beyond advertising as the licensing regime takes shape
  • The timeline for Act 1154’s full licensing window