The Member of Parliament for Takoradi, Kwabena Okyere Darko-Mensah, has commended Ghana for taking decisive steps to embrace digital currency, describing the country’s move towards regulating virtual assets as long overdue but necessary to remain competitive in a rapidly evolving global financial system.
Contributing to the motion for the adoption of the Finance Committee’s report on the Virtual Assets Service Providers Bill, 2025, Mr Darko-Mensah said the growing global acceptance of crypto currencies underscored the importance of Ghana’s decision to formally recognise and regulate the space.
He noted that crypto currencies were initially viewed with suspicion and often associated with illicit activities, but that perception had changed as major financial institutions and multinational companies increasingly adopted digital assets for legitimate commercial use, particularly in tokenisation.
“Today, big banks and big companies are now moving to crypto because of the ability to use it in tokenisation,” he said.
The Takoradi MP who is also the immediate past Western regional minister, said Ghana stood to benefit significantly from digital currency applications, especially in addressing long-standing challenges in land administration and documentation.
He explained that many countries were now exploring the tokenisation of land to improve traceability and ownership records through decentralised, peer-to-peer systems.
“One of the biggest challenges we have in this country is the documentation of our lands,” he said, adding that proper regulation of the digital assets space would allow Ghana to safely adopt such innovations.
Mr Darko-Mensah welcomed the involvement of the Bank of Ghana in the regulation of virtual assets, stressing that the central bank’s oversight was critical to ensuring stability, credibility and consumer protection as the country embraces digital currencies.
He also placed Ghana’s move within the broader global context, pointing to developments in advanced economies, including the United States, where governments and financial institutions are increasingly turning to crypto currencies and stable coins to manage fiscal and financial pressures.
According to him, rising global debt levels and the growing use of the US dollar as a geopolitical tool had prompted many countries and investors to shift towards alternative assets such as gold and crypto currencies.
“Since Ghana is not an island on its own, it is time we also get involved,” he said, while noting that Ghana had been slow to act compared to global trends.
The MP re called that the Bank of Ghana had, about three years ago, cautioned that crypto currency activities were undertaken at users’ own risk, but said the current regulatory approach marked a positive shift towards structured adoption.
“Today, we are happy that they’ve come with regulation for us to support it,” he added.
Parliament subsequently passed the Virtual Assets Service Providers Bill, 2025 into law, providing a legal framework to support Ghana’s acceptance and regulation of digital currencies and virtual asset service providers.
By: Christian Kpesese
