Ghana Moves Toward Formal Crypto Legislation
The Bank of Ghana (BoG) has announced plans to implement comprehensive cryptocurrency regulations by December 2025, marking a significant step forward in the country’s evolving digital asset landscape.
Speaking at the IMF meetings in Washington on Thursday, Governor Johnson Asiama confirmed that Ghana has made “a lot of progress in the past four months” and that a crypto regulatory bill is being finalized for parliamentary approval.
“That bill is on its way to parliament, hopefully before the end of December, we should be able to regulate cryptocurrencies in Ghana,”
— Johnson Asiama, Governor of the Bank of Ghana
This move follows Kenya’s recent approval of its Virtual Asset Service Providers (VASP) Bill earlier this month, which introduced licensing and consumer protection frameworks for crypto service providers.
From Caution to Regulation
The Bank of Ghana has historically maintained a cautious stance on digital currencies, warning citizens that cryptocurrencies are not legal tender. However, the rapid growth in adoption has prompted a shift in approach.
The BoG previously released draft guidelines in August 2024 and aimed for a September deadline, but the timeline was extended to ensure the framework covers monitoring and enforcement mechanisms.
“The ability to monitor crypto flows will be key. Therefore, we are developing expertise, manpower, and a new department to help us,” Asiama said.
The central bank also operates a digital sandbox that allows fintech and crypto startups to test innovations under controlled conditions — a key step toward a more inclusive regulatory environment.
Crypto Adoption Rising in Ghana
Despite the absence of formal rules, crypto adoption is booming in Ghana. Data from DemandSage estimates that over 3 million Ghanaians—around 8.9% of the population—are already involved in some form of cryptocurrency usage.
Asiama emphasized that this growing participation made regulation essential:
“We could not leave it. As policymakers, we must have some control to prevent abuse of the system.”
Industry experts have warned that Ghana risks falling behind neighboring nations that are embracing digital finance.
Isaac Simpson, head of financial advisory at Stanbic Bank Ghana, cautioned in July:
“Nigeria, Kenya, South Africa, and Rwanda are already miles ahead—piloting CBDCs, launching regulated exchanges, and attracting global crypto capital. Ghana has a choice: lead or be disrupted.”
He added that regulatory inaction could cost the nation in tax revenue, innovation, and capital flow oversight.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.