Ghana has officially inaugurated the Virtual Asset Coordinating Committee (VACC), a multi-agency body set up to strengthen coordination and oversight of the country’s rapidly evolving virtual asset ecosystem.
The Committee, chaired by Elhanan Owureku Asare, Head of Fintech Innovation, Bank of Ghana, brings together Ghana’s central bank, securities regulator, financial intelligence agency, national cybersecurity authority, and the ministry of finance, reflecting the government’s commitment to closing regulatory gaps and ensuring a coordinated approach to the supervision of Virtual Asset.
As Virtual Asset continue to gain prominence within Ghana’s financial system, VACC will serve as a central platform for policy coordination, regulatory cooperation, and risk management.
Membership of the Committee includes the Bank of Ghana (BOG), the Securities and Exchange Commission (SEC), the Financial Intelligence Centre (FIC), the Cyber Security Authority (CSA), and the Ministry of Finance (MOF).
Established under Section 5 of the Virtual Asset Service Providers Act, 2025 (Act 1154), the Committee is mandated to facilitate coordinated policymaking, joint operational oversight, information sharing, and collaboration with foreign regulators and international standard setting bodies.
Its work is to support the development of a secure, transparent, and well-regulated Virtual Asset sector in Ghana.
Committee Members
The seven-member Committee is currently made up of the following representatives:
- Elhanan Owureku Asare — Chairman, Head of Fintech and Innovation Department Bank of Ghana
- Richard Kwame Dusi — Member
- Philip Kwaw Sebuabe— Member Head, Virtual Assets Department Bank of Ghana
- Emmanuel Mensah Thompson — Member, Deputy Director General Securities and Exchange Commission Head, Fintech and Innovation Unit Securities and Exchange Commission
- Patience Arko Boham — Member, Head of Financial Innovation & Inclusion Unit Financial Sector Division Ministry of Finance
- Stephen Cudjoe-Seshie— Member Ag. Deputy Director-General (Technical Operations) Cyber Security Authority
- Benjamin Ofori, ESQ— Secretary, Director Legal Financial Intelligence Centre
A Mandate for Coordinated Oversight
Under Act 1154, the Committee is mandated to:
- Review and coordinate implementation – Oversee and harmonize how the relevant regulatory authorities implement the Act.
- Cooperate internationally – Work with foreign counterparts and international standard-setting bodies for purposes of:
- Supervision
- Information-sharing
- Enforcement
- Prevention of money laundering, terrorism financing, and any other illicit activity involving Virtual Assets
This includes:
- Exchanging supervisory or enforcement information (subject to confidentiality rules)
- Participating in joint investigations or coordinated actions
- Providing mutual assistance to facilitate compliance with international standards
- Engaging in cross-border regulatory or policy initiatives to enhance the safety and integrity of Virtual Asset activities.
Priorities Going Forward
The Committee will work to align regulatory and operational approaches across the Relevant Regulatory Authorities (RRA), closing gaps that have historically arisen when Virtual Assets activity spans multiple regulatory domains.
Key areas of focus include:
- Developing coordinated supervisory frameworks for Virtual Asset Service Providers operating in Ghana;
- Strengthening information-sharing and joint monitoring across member agencies to detect and mitigate financial crime risks, including money laundering and terrorist financing;
- Establishing clear, consistent rules of engagement for market participants to support orderly and transparent market conduct;
- Creating channels for responsible innovation, so that legitimate fintech and blockchain-based ventures can develop within a predictable regulatory environment; and ● Building consumer and investor protection safeguards, including public education on the risks and safe use of Virtual Asset.
- The Committee has pledged to carry out this work with diligence, transparency, and close collaboration among all member institutions, in pursuit of a Virtual Asset sector that is both secure and supportive of responsible innovation.
Note to Sandbox Participants and Partners
A statement from the committee said “All entities admitted to the regulatory sandbox, along with their related partners, are required to obtain clearance from the Relevant Regulatory Authority before issuing any public communication or marketing material regarding their participation, products, or services.”
