Quick Breakdown
- Ghana’s crypto regulation bill is expected to reach parliament before the end of December.
- Over 3 million Ghanaians are active in crypto despite no formal legal framework.
- The Bank of Ghana is establishing a new department to monitor and manage crypto activity.
Ghana moves toward crypto regulation by December
Ghana’s central bank is set to introduce cryptocurrency regulations before the end of 2025, marking a major step in the country’s digital finance journey. At the International Monetary Fund’s meetings in Washington, Bank of Ghana (BoG) Governor Johnson Asiama said the country had made significant progress in drafting a legal framework for digital assets.
The BoG had previously targeted September for implementing crypto rules and released draft guidelines in August 2024 for public consultation.
Building capacity for crypto oversight
Asiama emphasized that regulation is only the beginning of the country’s crypto journey. The central bank is also focusing on strengthening its technical and human capacity to monitor the digital asset space effectively.
“The ability to monitor crypto flows will be key,” he said, noting that the BoG is establishing a dedicated department for the sector. “We can no longer ignore it, and we’re trying very hard to regulate that.”
The central bank has historically maintained a cautious approach toward cryptocurrencies, warning that digital assets were not legal tender. However, the rise in crypto adoption among Ghanaians has prompted a policy shift toward regulation rather than restriction.
Rising adoption drives urgency
According to data from Demandsage, more than 3 million Ghanaians—around 8.9% of the population—are already using cryptocurrencies despite the absence of formal regulation. Asiama said this growing trend made it imperative for policymakers to act.
“We cannot leave it unregulated,” he said. “As policymakers, we have to ensure control to prevent abuse of the system.”
The BoG has also been running a digital sandbox program, allowing approved firms to test blockchain and crypto-based solutions within a controlled environment.
Experts warn of falling behind
Industry stakeholders have warned that Ghana risks losing its competitive edge if it delays crypto regulation further. In July, Isaac Simpson, Stanbic Bank Ghana’s Senior Head of Financial Advisory and Equity Capital Markets, stressed that the “digital train has left the station.”
“Nigeria, Kenya, South Africa, and Rwanda are already miles ahead,” Simpson said. “Ghana has a choice: lead or be disrupted. Inaction is costing us tax revenue, innovation, and regulatory control.”
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