Dr Ernest Addison, BoG Governor
The Bank of Ghana (BoG) says it has taken notice of recent developments in the holding and trading of virtual or digital currencies, also known as crypto-currencies, such as Bitcoin in Ghana.
“The Bank of Ghana (BoG) wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662).”
The bank said it was currently investing a lot of resources to further enhance the payments and settlements system, including digital forms of money and also to introduce cyber security guidelines to safeguard electronic and online financial transactions.
“A revised Payments System Act referred to as Payment Systems and Services Bill will be considered by Parliament within the next couple of months. This revision should bring the electronic payments space up to date with international standards and aligned with the evolving electronic payments landscape.
“While the Bank of Ghana acknowledges the enormous potential in the block-chain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the block-chain technology into digital currencies would fit into the global financial and payments architecture.”
It therefore advised businesses to only do business with institutions that has been licensed by the Bank of Ghana to ensure that such transactions fall under Ghana’s regulatory purview.
“For the avoidance of doubt, the public can always consult our website (www.bog.gov.gh) for a list of licensed banks and non-bank financial institutions in Ghana. The Bank of Ghana assures the general public of its continuous efforts to safeguard the stability and soundness of the financial sector.”
A business desk report