• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, October 22, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

BOG Governor Cautions Ghanaians against Trading Crypto-currency

M.Cby M.C
June 1, 2021
Reading Time: 3 mins read
M.Cby M.C
in Securities/Markets
0
BoG Governor Acknowledges Past Governors of Bank of Ghana

Dr. Ernest Addison - Governor of the Bank of Ghana

The governor of the Bank of Ghana, Dr Ernest Addison, has cautioned Ghanaians against trading crypto-currencies.  The crypto-currency market is gaining more popularity in Ghana especially the bitcoin.

The governor, speaking at the 100th Monetary Policy Committee (MPC) conference on Monday, May 31, 2021 in Accra highlighted the recent volatility in the digital currency market as a cause for concern. He opined that, the basic function of currencies is for them to be used effectively as medium of exchange or unit of account.

The recent unpredictability in the crypto market means that you cannot effectively use it to meet any standard functions of money. This forms part of the reasons he is warning the public.

RelatedPosts

Yields Climb as Treasury Struggles to Hit Targets in Latest Auction

GSE Trading Volume Crashes 90% in a Quiet Session

GSE Ends September with a Bang — Composite Index Climbs Past 8,000 Points in Spectacular Market Comeback

“If you have a currency whose value is so unstable like the recent trends in the crypto market, you really cannot use it effectively to meet any of the standard functions of money”.

Dr Ernest Addison

Emphasizing on the need for the Ghanaian public to refrain from trading in the crypto currency, he stated that it is a high risk investment which is currently not regulated by either the central bank or the Securities and Exchange Commission (SEC).

“The crypto currency, I think we are all aware of what has been going on and have said that this is not a regulated activity in the Bank of Ghana so we warn the public about engaging the crypto currency trade. You have seen the sharp changes in valuation of some of these coins”.

Bank of Ghana to have its Digital Currency

Nonetheless, he noted that the bank of Ghana is not against the use of digital currency as it is one of the first African Central Banks to declare support for digital currency. Dr Addison further hinted that, the Bank of Ghana is working on its own digital currency to help in online transactions.

ADVERTISEMENT

“We are looking at the concept of an E-Cedi. So yes, we are quiet advanced in that process. As you know, in this type of things, you have to go at it in phases and the first phase was really on the design of the electronic money and the team that is working on that has gone quiet far in the design phase and we are looking at the implementation phase”.

Dr Addison, Governor of Bank of Ghana

When this is successful, it will be used in mobile applications and online payment applications that are currently running.

Regulation of the crypto currency market

Earlier in the month, the Securities and Exchange Commission has announced that it will in the coming months hold an engagement series for sector players in the digital currency space to dialogue on how to regulate the digital coin for transactions in Ghana.

The Deputy Director General of SEC, Mr Paul Ababio, addressing the media at the launch of the SEC 10-year Masterplan project stated that there are various dynamics to the crypto currency occurrence.

“There’s the actual block chain technology which can be deployed for other purposes and then the monetization of that technology and how it interacts with the real sector. So, they [SEC] will in the near future spell out the strategy on regulating it”.

Mr Paul Ababio

READ ALSO: GSE Recovers from Previous Week’s Decline

Tags: Bank of GhanacryptocurrencyDigital CurrencyDr. Ernest AddisonE-Cedi
Please login to join discussion
Previous Post

GES expresses disappointment over Jane Naana’s WASSCE results comment

Next Post

GUTA calls for control systems for banks to comply with policy rates cut

Subscription Form

Related Posts

Yields Climb as Treasury Struggles to Hit Targets in Latest Auction
Securities/Markets

Yields Climb as Treasury Struggles to Hit Targets in Latest Auction

October 22, 2025
GSE Trading Volume Crashes 90% in a Quiet Session
Securities/Markets

GSE Trading Volume Crashes 90% in a Quiet Session

October 21, 2025
GSE Ends September with a Bang — Composite Index Climbs Past 8,000 Points in Spectacular Market Comeback
Securities/Markets

GSE Ends September with a Bang — Composite Index Climbs Past 8,000 Points in Spectacular Market Comeback

October 20, 2025
Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week
Securities/Markets

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

October 18, 2025
GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down
Securities/Markets

GSE Dips 12 Points as NewGold ETF, MTN Ghana, and Access Bank Drag Market Down

October 17, 2025
Fan Milk, Guinness Lead GSE Rally as Market Cap Hits GHS167 Billion Milestone
Securities/Markets

Fan Milk, Guinness Lead GSE Rally as Market Cap Hits GHS167 Billion Milestone

October 16, 2025
State of Emergency Grips Peru’s Lima And Callao
Around the Globe

State of Emergency Grips Peru’s Lima And Callao

by Comfort AmpomaaOctober 22, 2025
MoFA Boosts School Farm Production With 25,000 Fertilizer Bags
Agribusiness

MoFA Boosts School Farm Production With 25,000 Fertilizer Bags

by Michael Teye-Bio NaduteyOctober 22, 2025
Energy Minister Extends Working Visit to PHDC
Extractives/Energy

Energy Minister Extends Working Visit to PHDC

by Bless Banir YarayeOctober 22, 2025
No Funding for District Road Improvement, Coordinator Warns of Project Stagnation
General News

No Funding for District Road Improvement, Coordinator Warns of Project Stagnation

by Silas Kafui AssemOctober 22, 2025
Rt. Hon. Prof. Mike Oquaye, Former Speaker of Parliament and political historian
Extractives/Energy

Prof. Oquaye Urges Ghana to Rethink IMF Reliance And Harness Mineral Wealth 

by Prince AgyapongOctober 22, 2025
Former Chief Justice Sophia Akuffo
Extractives/Energy

Sophia Akuffo Calls for Ethical Resource Use to Shift “From IMF Bailout to Breakthrough” 

by Prince AgyapongOctober 22, 2025
State of Emergency Grips Peru’s Lima And Callao
MoFA Boosts School Farm Production With 25,000 Fertilizer Bags
Energy Minister Extends Working Visit to PHDC
No Funding for District Road Improvement, Coordinator Warns of Project Stagnation
Rt. Hon. Prof. Mike Oquaye, Former Speaker of Parliament and political historian
Former Chief Justice Sophia Akuffo

Recent News

State of Emergency Grips Peru’s Lima And Callao

State of Emergency Grips Peru’s Lima And Callao

October 22, 2025
MoFA Boosts School Farm Production With 25,000 Fertilizer Bags

MoFA Boosts School Farm Production With 25,000 Fertilizer Bags

October 22, 2025
Energy Minister Extends Working Visit to PHDC

Energy Minister Extends Working Visit to PHDC

October 22, 2025
No Funding for District Road Improvement, Coordinator Warns of Project Stagnation

No Funding for District Road Improvement, Coordinator Warns of Project Stagnation

October 22, 2025
Rt. Hon. Prof. Mike Oquaye, Former Speaker of Parliament and political historian

Prof. Oquaye Urges Ghana to Rethink IMF Reliance And Harness Mineral Wealth 

October 22, 2025
Former Chief Justice Sophia Akuffo

Sophia Akuffo Calls for Ethical Resource Use to Shift “From IMF Bailout to Breakthrough” 

October 22, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address