The Member of Parliament for Madina Constituency, Mr. Francis-Xavier Sosu, has called for the enactment of laws to regulate cryptocurrencies and emerging technologies, stressing the need for updated legislative frameworks to keep pace with these advancements.
Speaking on Day 2 of the 2025 Africa Research and Innovation Commercialisation Summit (ARICS), Mr. Sosu focused on the summit’s theme, “The Africa Trade Awakening: From Suppliers to Global Power Players,” highlighting the importance of Africa’s growth in the global economy.
In his address, Mr. Sosu stated that to transition from being suppliers of raw materials to influential players in global trade, African countries must focus on several key areas.
These include making inclusive investments in the continent’s youthful population, leveraging the African Continental Free Trade Area (AfCFTA) for economic integration, and prioritizing investments in infrastructure and technology.
Mr. Sosu specifically called for Ghana to update its laws to accommodate the rise of modern financial systems and technologies.
“For Ghana, we must take urgent steps to amend our laws, such as the Payment Systems and Services Act, 2019 (Act 987), to introduce a new regulatory framework for emerging technologies such as cryptocurrencies,” he said.
He argued that such legal reforms are essential to foster innovation while protecting the financial system.
As the Ranking Member of the Subsidiary Legislation Committee and a member of other key parliamentary committees, Sosu’s call for regulation comes from his experience in legislative matters.
He stressed the importance of African countries working together to prepare for the future. “We must unite as African states, commit to this journey, and take our rightful place in the global community,” Sosu urged.
Mr. Sosu’s comments explain the broader necessity for African lawmakers to adapt to rapid technological changes and ensure their legal frameworks evolve accordingly.
With the increasing use of digital currencies and technologies across sectors, there is a growing need for regulation to safeguard consumers, businesses, and national economies.
The Madina MP’s call for reform comes at a time when many African nations are exploring the potential of digital technologies to boost economic growth but are struggling to keep up with their rapid development.
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