Ghana's securities regulator has established a task force to strengthen its oversight of crypto assets as more Ghanaians engage in cryptocurrency trading and investments.

At an event celebrating the commission's 25th anniversary, Daniel Ogbamey-Tetteh, the Director General of the Ghanaian Securities and Exchange Commission (SEC), said that the Commission has established a task force to help it build its capacity to oversee and regulate crypto assets.

In April, Paul Ababio, the Deputy Director-General, SEC Ghana, had cautioned Ghanaians against engaging in crypto transactions as the commission is yet to come up with a framework to regulate the technology. However, Ghanaians have continued to use crypto, prompting the regulator to find alternative ways to ensure the safety of crypto users.

According to Triple A, a Singaporean cryptocurrency provider, 700,000 people in Ghana, which makes up 2.16% of the population, own cryptocurrencies. The Chainalysis Global Crypto Adoption Index, published in September 2023, ranks Ghana as the 29th country in terms of cryptocurrency adoption. Although the West African country lags behind its African counterparts in terms of cryptocurrency adoption, specifically the Nigerian, South African, and Kenyan markets.

According to the Director General, the regulatory body is actively investing in human capital development and implementing a digitalization program. “We are investing in developing the human capital of SEC as well as implementing a digitalization program. We have started implementing a Risk-Based Supervision framework as we seek to migrate from the compliance-based supervision mode,” he said.

Ogbamey-Tetteh stated that the regulatory body aims to use regulatory technology and supervisory technology solutions to support financial innovation while maintaining market integrity and stability.