Ghana to regulate crypto exchanges
The Bank of Ghana (BoG) is finalizing a regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs).
Governor Johnson Asiama stressed the importance of regulation amid the rise of digital financial technologies.
The framework will align with anti-money laundering and financial stability mandates, ensuring robust oversight.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Asiama emphasised the urgency for clear rules amid the rise of digital financial technologies.
'Crypto is like the air we breathe—you can't stop it. So let's regulate it properly,' he stated. 'We are working on a framework that aligns with our anti-money laundering and financial stability mandates.'
Coordination with key institutions
To ensure a robust and collaborative regulatory environment, the BoG has been in close consultation with the Financial Intelligence Centre (FIC) and the Ministry of Finance.
The forthcoming regulations will establish clear licensing requirements, operational standards, and safeguards against abuse for all crypto-related entities operating in Ghana.
Regulating, not restricting
Governor Asiama was clear in stating that the central bank is not opposed to innovation, but rather committed to preserving financial integrity.
'Crypto is here. The question is how do we manage it, not whether to ban it,' he said. ' The Bank is not anti-innovation. We only seek to ensure that digital financial products do not undermine confidence in the monetary system or facilitate illicit transactions.'
Ghana takes a leading role in Africa's crypto policy
With this move, Ghana is positioning itself among a small but growing number of African nations proactively tackling the regulation of digital currencies. The new framework aims to balance oversight with flexibility, ensuring that the fintech and crypto sectors can continue to innovate within a safe and supervised environment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
5 hours ago
- Business Insider
Top 10 African countries with the strongest currencies in July 2025
A strong currency may present some difficulties for exporters, but its wider advantages for developing nations are becoming more and more clear, particularly on a continent where inflation, debt, and exchange rate instability frequently impede development. One of the primary benefits of boasting a strong currency is its impact on import costs, which is particularly important for African nations that depend significantly on imported items like food, equipment, gasoline, and medications. A strong currency reduces manufacturing costs for local companies, eases the financial burden on individuals, and helps control inflation by making these imports more affordable. A strong currency also makes it easier for a nation to pay off its foreign debt. Many African countries take out loans in foreign currencies, particularly euros or US dollars. Repayment of these loans becomes more expensive when the local currency is weak, which frequently results in budget problems and IMF bailouts. However, a nation's credit profile is enhanced, default risk is decreased, and the burden of repaying foreign debt is lessened as its currency gains strength. Furthermore, when a country's currency is sturdy, there is a drop in reliance on the IMF loans and the associated policy recommendations. A strong currency is more than just a symbol in today's interconnected world, where digital banking and global supply networks are growing quickly. It is an instrument for growth, resilience, and competitiveness. A more stable and independent future for African nations may be unlocked by fostering currency strength through sensible policies, export diversification, and productivity investments. With that said, here are the strongest currencies currently, according to the Forbes currency converter, last updated on the 22nd of July. For this month, the currency value for Tunisia, Libya, Morocco, Seychelles, South Africa, Lesotho, and Namibia increased slightly compared to last month's top 10 list, while the currency value for Ghana, Botswana. Top 10 African countries with the strongest currencies in July 2025 Rank Country Currency value per US$ Currency 1. Tunisia 2.92 Tunisian Dinar 2. Libya 5.41 Libyan Dinar 3. Morocco 9.00 Moroccan Dirham 4. Ghana 10.42 Ghanaian Cedi 5. Botswana 13.93 Botswanan Pula 6. Seychelles 14.14 Seychellois Rupee 7. Eritrea 15.00 Eritrean Nakfa 8. South Africa 17.55 South African Rand 9. Lesotho 17.60 Lesotho Loti 10. Namibia 17.60 Namibian Dollar
Business Insider
6 hours ago
- Business Insider
South Africa's MultiChoice set for new ownership as $3bn takeover deal gets green light
A major ownership shake-up is underway at South Africa's MultiChoice following the Competition Tribunal's approval of a $3 billion takeover bid by French media giant Canal+. The Competition Tribunal of South Africa has allowed Canal+ to proceed with acquiring the remaining 55% of MultiChoice, granting it full ownership. The deal, valued at $3 billion, includes Canal+'s commitment to invest 26 billion rand over three years in South Africa. The merger combines Canal+'s existing presence in 25 African countries with MultiChoice's 14.5 million subscribers in 50 sub-Saharan markets. The landmark decision paves the way for Canal+ to acquire the remaining 55% stake in Africa's largest pay-TV broadcaster, positioning the company for full ownership. The deal, expected to close by 8 October 2025, signals a significant realignment in the continent's media landscape. The approval clears the path for Canal+ to acquire MultiChoice, a dominant player across sub-Saharan Africa known for its DStv and GOtv platforms. As part of the approval terms, Canal+ has pledged to invest around 26 billion rand over the next three years in initiatives that support South Africa's public interest priorities. Key commitments include keeping MultiChoice's headquarters in South Africa, continuing to fund locally produced content and live sports, and actively backing the country's creative sector. In a joint statement, the two companies reiterated their dedication to the local media industry: 'We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success." ' This deal is transformative,' said Canal+ CEO Maxime Saada. 'T he combined group will benefit from enhanced scale, greater exposure to high-growth markets, and the ability to deliver meaningful synergies.' While the financial details of the deal were not disclosed in the latest statement, the transaction follows months of negotiations, shareholder reviews, and regulatory scrutiny. Update on the acquisition company - Canal+ Canal+, a subsidiary of French media conglomerate Vivendi, has gradually increased its stake in MultiChoice over the years and announced plans earlier this year to pursue a full buyout. Currently operating in 25 African countries with over eight million subscribers, Canal+ is now poised to significantly scale its presence across the continent. The merger with MultiChoice, home to 14.5 million subscribers in 50 sub-Saharan African countries creates a powerful, multilingual broadcaster spanning English-, French-, and Portuguese-speaking markets. The South African Competition Tribunal's approval signals confidence that the deal will not substantially lessen competition in the domestic media sector. Analysts view the acquisition as a strategic move by Canal+ to strengthen its position in Africa's rapidly expanding media and streaming landscape. The deal also reflects growing global interest in African content distribution, as international players look to tap into the continent's young, digitally connected population. To comply with local regulations that cap foreign ownership of a South African broadcasting licensee at 20%, MultiChoice will separate its domestic broadcasting unit into a new, independent company, majority owned and controlled by Historically Disadvantaged Persons.
Business Insider
6 hours ago
- Business Insider
Egypt's top capitalists offer a hand of friendship to Burkina Faso's Ibrahim Traoré
Egyptian Foreign Minister Badr Abdelatty met with the president of Burkina Faso, Ibrahim Traoré, earlier this week and delivered a written message from Egyptian President Abdel Fattah El-Sisi in a major move, geared towards strengthening pan-African unity. Egyptian Foreign Minister Badr Abdelatty delivered a letter from President El-Sisi to Burkina Faso's President Ibrahim Traoré. The message emphasized Egypt's commitment to fostering peace, security, and bilateral relations within Africa. Abdelatty's visit aimed to enhance economic ties, focusing on private sector collaboration between Egypt and Burkina Faso. Contents of the letter emphasized Egypt's resolve to advance peace and security throughout the African continent by deepening bilateral relations and expanding collaboration with Burkina Faso in strategic areas. The North African country is eager to strengthen trade, investment, and economic ties, Abdelatty said in remarks made during his visit. He mentioned that fostering collaborations between the private sectors of the two countries was one of the main goals of his visit. Abdelatty was accompanied by a high-level delegation of 30 businesspeople and senior executives from some of Egypt's most prominent public and private companies, as seen on the Middle East Monitor. These stakeholders work in essential industries such as construction, energy, agriculture, medicines, and textiles. The foreign minister reiterated their willingness to support Burkina Faso's development goals under President Traoré's leadership. The delegation's engagement not only represents Egypt's increasing diplomatic involvement with West Africa, but it also positions Egyptian businesses to participate in the development of important infrastructural and industrial sectors in Burkina Faso. Abdelatty's trip to Ouagadougou is part of a larger five-nation West African tour that covers Nigeria, Niger, Mali, and Senegal, MedaAfrica notes. Egypt's regional outreach demonstrates its determination to reinvigorate strategic relationships and provide creative solutions to Africa's critical development and security concerns. In addition to economic discussions, Abdelatty thanked the Burkinabé government for supporting Dr. Khaled El-Anany, Egypt and Africa's candidate for the position of Director-General of UNESCO.
