The Central Bank has initiated moves to regulate crowdfunding activities in the country by requiring that fundraisers apply for a license from the bank.
According to the BoG, crowdfunding activities fall within the regulatory domain of the BoG.
“Payment Systems and Services Act 2019 (Act 987), Data Protection Act 2012 (Act 843), Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), Securities Industry Act, 2016 (Act 929), Anti-Money Laundering Act, 2008 (Act 749), Deposit Protection Act, 2016, (Act 931); and the Cybersecurity Act 2020. These laws collectively provide the legal basis for digital delivery of crowdfunding,” noted the BoG.
“Application for approval to undertake crowdfunding activities shall be sought from the Bank of Ghana,” added the BoG.
The BoG further noted that going forward, it will subject crowdfunding activities to regular monitoring and reporting to ensure compliance of use with the intended purpose.
Read below details of BoG’s Crowdfunding policy:
Crowdfunding Policy (1) by Fuaad Dodoo on Scribd
