Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has reiterated that the ban on the use of cryptocurrency in all transactions was still in force.
He noted that all financial institutions in the country have been directed not to engage in crypto transactions.
He made the announcement when he answered questions on the floor of Parliament yesterday, Tuesday, July 4, 2023.
In 2022, the Bank of Ghana warned banks and other financial institutions against engaging in cryptocurrency trading and other unregulated investment schemes.
The action was taken to purge cryptocurrency-related content from the internet.
The Deputy Minister insisted that all institutions licensed by the Bank of Ghana are prohibited from engaging in the crypto market.
“The government will continue to allow associated technologies, such as blockchain and distributed innovations in a sun box, as we explore the development of a framework. Until such a framework is in place, the government will like to reiterate its directive conveyed in several notices, including one issued on March 9, 2022, that all institutions licensed by the Bank of Ghana are prohibited from facilitating cryptocurrency transactions through their platforms or agents outlets,” the Minister of State at the Finance Ministry said.