Strengthen banking regulations before diving into crypto – Expert cautions BoG

Banking expert Dr. Richmond Atuahene has urged the Bank of Ghana (BoG) to bolster its regulatory systems before exploring the oversight of high-risk financial instruments such as cryptocurrencies.

Delivering remarks at the 2025 Money Summit, Dr. Atuahene expressed concern over the central bank’s readiness to manage digital currencies, especially in light of recent economic challenges like the Domestic Debt Exchange Programme (DDEP), which rattled investor confidence and exposed systemic vulnerabilities.

According to him, Ghana’s financial regulatory framework must first be reinforced to withstand future disruptions before embracing new and complex asset classes.

"If we’re considering digital assets like cryptocurrency, we must first ask: is our current regulatory setup even solid enough for what we already manage?" he questioned. "Let’s not jump in just because other countries are doing it."

Dr. Atuahene warned against hasty policy shifts, noting that while diversification is important in investment, effective oversight is even more critical.

He emphasized, “Venturing into high-risk areas such as crypto demands not just enthusiasm but preparation—strong regulation, skilled personnel, and appropriate tools. Are we prepared to apply new methods, or are we going to rely on outdated systems for emerging technologies?”

His remarks come at a time when the Ghanaian investment landscape is still recovering from the aftershocks of the DDEP, which saw delays in the payment of matured government securities and led to major investment losses for individuals and institutions.

While some voices in the financial sector argue that the time is ripe for Ghana to adopt cryptocurrency regulation, others remain skeptical.

Joe Jackson, CEO of Dalex Finance, disagreed with Dr. Atuahene’s cautious approach. “Respectfully, I believe we’re ready. Waiting could mean missing out on future opportunities. Let’s build our understanding and act now.”

Cryptocurrency, which uses cryptographic technology to secure digital transactions on decentralized platforms like blockchain, continues to gain global attention as both a store of value and a medium of exchange. Yet, its lack of centralized oversight presents new regulatory challenges that many believe should be approached carefully.

As Ghana considers its next steps, the debate underscores a broader question: should innovation in finance lead the way, or must it always be preceded by regulation?

Dr. Atuahene’s comments serve as a timely reminder that while the future of finance may be digital, the foundation must still be strong.