The Bank of Ghana (BoG) has directed all Virtual Asset Service Providers (VASPs) operating within the country to refrain from engaging in mass marketing or public promotional campaigns related to virtual assets.
In a strongly worded advisory, the central bank cautioned that aggressive advertising and widespread promotional activities surrounding cryptocurrencies and other digital assets could mislead the public and expose unsuspecting investors to significant financial risks.
Protecting the Public from High-Risk Investment Exposure
According to the BoG, virtual assets remain largely unregulated in Ghana, and as such, the general public may not fully appreciate the risks associated with trading or investing in such instruments. The central bank stressed that promotional campaigns—particularly those targeting retail investors—could create unrealistic expectations of guaranteed returns.
The directive forms part of the regulator’s broader efforts to safeguard financial stability and protect consumers from potential fraud, market volatility, and speculative losses often associated with digital asset markets.
Call for Responsible Conduct by VASPs
The Bank urged VASPs to adopt responsible communication strategies and ensure that any information shared with clients is factual, transparent, and not misleading. Operators were reminded to comply strictly with existing financial regulations and to avoid activities that could undermine confidence in Ghana’s financial system.
BoG further reiterated that while it continues to study developments in the digital asset space and explore appropriate regulatory frameworks, no virtual asset currently holds legal tender status in Ghana.
Ongoing Monitoring and Future Regulatory Framework
The central bank indicated that it is closely monitoring developments within the digital finance ecosystem and will provide further guidance as necessary. It encouraged industry stakeholders to engage constructively with regulators as Ghana works toward establishing a clear legal and supervisory structure for virtual asset operations.
The latest caution signals the Bank of Ghana’s commitment to maintaining financial system integrity while ensuring innovation in the fintech space does not come at the expense of consumer protection.
