MP From Ghana Wants Cryptocurrency Legalised in the Country

Dennis Wafula

March 28, 2019

Cryptocurrency transactions and investments both involve a lot of risks and this fact is probably the main reason why Ghana hasn’t settled on a decision yet. The Member of Parliament for Juabeng, Ama Pomaa Boateng agrees with the Securities and Exchange Commission’s (SEC) plans to license and impose a regulatory framework on crypto coins in Ghana. According to her, cryptocurrencies will offer several benefits to Ghana’s economy.

The State of Crypto Coins in Ghana

While other Ghanaian MPs, including Chairman of Parliament’s Finance Committee, Dr Mark Assibey Yeboah are warning citizens against investing in these digital coins, Ama believes that the virtual currency can transform the way Ghanaians bank and make financial transactions.

‘’Mr Speaker, in today’s digital economy, there’s an urgent need for members of this House to expand our knowledge and pioneer legislation that recognises the blockchain technology and virtual currencies,” she said during a parliamentary debate.

However, Ama clearly stated that it is with the right regulatory framework that Ghana’s economy will benefit from cryptocurrencies adding that;

“The government also has to in the absence of legislation set up a register and possibly an exchange platform for the service providers of cryptocurrency to enable the government to oversee these virtual activities and create a stable regulatory environment where cryptocurrency can thrive.’’

Dr Yeboah, however, disagrees with Ama’s statement arguing that;

‘’This is not like a cheque that is being cleared by the central bank. So, if you have money it is digital money and people are trading in this, you are building an asset it can crumble one day. So there’s no legislation governing the trading of crypto in Ghana, it is illegal and you can lose your money.”

The Bank of Ghana Continues to Warn Citizens against Crypto Dealings

The Bank of Ghana also has its take on crypto coins. The Secretary to the Bank of Ghana, Frances Van-Hein Sackey, responded to the recent Global Coin Community Help (GCCH) scam stating that ‘the Bank of Ghana will not be liable for the refund of any deposit lost by a depositor’ dealing with cryptocurrencies. He made it clear that such crypto dealers in Ghana should do so at their own risk.

Crypto Is Coming!