Banking Consultant Dr. Richmond Atuahene has called on the Bank of Ghana (BoG) to strengthen the country’s regulatory framework before considering the adoption and oversight of digital currencies.

He stressed that Ghana’s financial system, having recently undergone shocks such as the Domestic Debt Exchange Programme, requires a more resilient regulatory structure capable of managing future disruptions — especially those that could arise from the complexities of high-risk digital assets like cryptocurrencies.

Addressing participants at the Money Summit, Dr. Atuahene urged the central bank to proceed with caution, noting that premature decisions could prove detrimental.

"We must improve our regulatory architecture if we want to go into cryptocurrency. Don't just go there because Nigerians are doing it. So, you'd also want to do it," he remarked pointedly.

According to him, although diversification into higher-risk investments like digital assets is worth exploring, it must be done with careful planning and strong regulatory backing.

"We need to tread cautiously, even the assets we have, have we regulated to the best of our ability? It's good to diversify. It's good to go into higher-risk areas, but you must always be mindful that regulation is key and important for the investment space," he emphasised.

His comments come at a time when investor confidence is slowly being restored after significant losses incurred during the government’s debt restructuring exercise, which delayed the payment of matured instruments for both individuals and institutions.

The growing interest in alternative investments has reignited discussions around cryptocurrency in Ghana. Some stakeholders believe the digital asset space could offer long-term opportunities if approached with the right tools and understanding.

However, Dr. Atuahene argues that foundational work must come first — including building regulatory capacity and investing in the necessary human capital.

"Have you done the right investment in skills? Upgrading and upskilling, have you done that?" he asked. "Or will you apply the old methodology for the new methodology?"

Despite his warnings, not everyone shares his cautious stance. Financial analyst and CEO of Dalex Finance, Joe Jackson, believes Ghana should not delay action in this space. According to him, the time for engagement is now.

"Dr. Atuahene is someone I respect very much, and I agree with on several points, but on this, I disagree with him. It’s better for us to grow in understanding and be able to utilise this as one of our alternative means, rather than to say we are not ready yet. I think we are ready, we are more than ready," Jackson stated.