With digital assets growing steadily as an alternative means to income and transactions in West Africa, Ghana has taken the next step in providing better crypto investigation, countering the growing rate of Virtual asset fraud.
In Brief
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Crypto investigations in Ghana reach new heights as EOCO secures forensic licenses to trace, confiscate, and return stolen digital assets.
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This landmark success follows the BoG’s VASP registration push, creating a dual regulatory-enforcement framework for safer innovation.
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Ghana’s model of intertwining regulation with advanced crypto investigations sets a regional precedent for combating virtual asset crime.
The Economic and Organised Crime Office(EOCO) recently unveiled a major breakthrough in its financial crime prevention strategy.
With digital assets becoming a breeding ground for crime, EOCO now has rare licenses for conducting forensic cryptocurrency investigations.
This new milestone comes shortly after Ghana’s government has taken active steps to establish a regulatory framework that secures its growing crypto ecosystem.
EOCO’s Landmark Achievement in Crypto Investigations
Speaking at a press conference in Accra on July 15, Executive Director of EOCO Raymond Archer revealed the Office’s successful completion of what is believed to be the first crypto fraud investigation and asset recovery within Ghana.
Despite West Africa having the largest crypto ecosystem within the continent, it also has the highest fraud cases.
Digital assets are replacing TradFi (Traditional Finance) with fintech industries and VASPs, providing a better alternative.
Tackling fraudulent activities is the first aspect, and EOCO has finally gained the means to crack down on perpetrators.
We have actually successfully, I think for the first time in Africa now, investigated, confiscated, and [are] about to return the proceeds of crypto fraud back to the country.
For us, as we have stated, this is to detect, this is to investigate, this is to prosecute, and not just prosecute but also to deny the perpetrators the proceeds of their crime.
Crimes are sophisticated these days. People are making money and buying crypto.” -Raymond Archer
EOCO’s achievement resonates with the region’s growing determination to foster innovation and growth.
Its ability to provide enhanced financial crime prevention strategies as the sector evolves is a plus most regions have yet to develop.
Executive Director of EOCO Raymond Archer revealed EOCO’s recent milestone in an interview.[Photo: GHOneTv]
Filling the Regulatory Void: Ghana Charts a New Path
Like most African nations, Ghana initially maintained a cautious distance from digital assets.
This was expected given how many saw this new form of finance as a threat to economic stability, directly threatening fiat value.
Despite the vacuum created by the public notices, crypto adoption in Ghana grew organically, driven by peer-to-peer networks seeking faster, cheaper value transfer.
They operated in the shadows, unmonitored, informal, and prone to abuse. However, its nature attracted more citizens, a trend seen in many African nations.
Growth was inevitable, and soon, the Ghanaian governments couldn’t ignore the change as digital assets became viable alternatives for digital growth.
In August 2024, they cracked, officially announcing the developments of a Virtual Asset Service Provider Bill entailing mandatory registration, strict anti-money laundering (AML) compliance, and robust internal controls.
Almost one year later, they meant it, with the Bank of Ghana Governor announcing that the Central bank intends to commence regulation of virtual assets by the end of September 2025.
Nigeria, Ghana’s adjacent neighbor, is a bustling ecosystem that recently announced their regulatory stance classifying digital assets as securities.
Being left behind is not an option within the economic struggle for dominance, and Ghana had to make a stance.
However, unlike its peer, the region first developed a means to provide better crypto investigation to cull any “CBEX-themed” scenarios from occurring again.
Building the Foundation for Safety and Innovation
Ghana’s approach almost seems calculated striking one domino after the other. Recently, the BoG announced the registration of legitimate VASPs operating within Ghana.
While the registration isn’t a means to acquire a license, it’s used to collect data and information for the upcoming regulatory framework.
The BoG explicitly states this registration is “part of a preliminary regulatory process to identify and to assess entities engaging in virtual asset activities.”
Its main aim is to map the current landscape comprehensively, giving BoG a better understanding of the scale and nature of existing operations.
Ghana has flagged various exchanges heavily promoting their brand, warning its users to avoid participating with unregulated entities.
CHECK OUT:BoG Alert: Avoid YellowPay and HanyPay; Ghana Crypto Regulations Update
Given the series of events, we can deduce that EOCO’s newly licensed forensic capabilities are not an isolated event.
The registration of VASPs will provide EOCO with a list of potential services running, ultimately, drawing a hard line excluding shady organizations.
Its advanced crypto investigations unit provides the essential enforcement teeth preventing regulatory breaches.
When illicit funds flow through blockchain networks, EOCO now possesses the specialized tools to investigate, trace, and recover assets.
This dual approach – intertwining upcoming crypto regulation with cutting-edge enforcement – aims to foster an environment where innovation can thrive securely, protecting consumers and the integrity of the financial system.
For EOCO and Ghana, this is more than a win, it’s a strategic approach for continuous adaptation and striking the delicate balance between security and progress.
