Ghana is preparing to license cryptocurrency firms in a landmark move that could reshape West Africa’s crypto economy. The Bank of Ghana is finalizing a regulatory proposal expected to be submitted to parliament by September 2025, according to a report by Bloomberg.
Crypto Adoption Booming in Ghana
The decision follows a surge in crypto ownership across the country. As of mid-2024, 17.3% of Ghanaian adults—over 3 million people—hold cryptocurrencies, according to data from Zawya. This rising adoption has pushed regulators to act swiftly to bring digital assets under formal oversight.
Stabilizing the Cedi and Capturing Revenue
Bank of Ghana Governor Johnson Asiama emphasized the dual purpose of the initiative:
Capture untaxed revenue from crypto transactions
Strengthen control over the Ghanaian cedi
The cedi has appreciated over 40% against the U.S. dollar in 2025, reversing a 20% drop in the previous year. While this recovery is positive, the unregulated use of crypto threatens to distort monetary policy, as many transactions happen outside of the official financial system.
“Crypto payments are not being captured in national financial accounts,” Asiama warned, adding that this could undermine the central bank’s ability to manage inflation effectively.
Licensing Could Legitimize and Boost Ghana’s Crypto Ecosystem
The upcoming crypto firm licensing law is expected to introduce:
Know Your Customer (KYC) requirements
AML compliance measures
Custody and auditing standards These changes aim to legitimize the growing crypto sector, potentially attract foreign investment, and reduce the risk of fraud and misuse.
By providing a clear regulatory pathway, Ghana could emerge as a crypto-friendly hub in Africa, rivaling countries like Nigeria, Kenya, and South Africa.
With millions of citizens already using digital assets, Ghana’s step toward regulation signals a maturing crypto market. If approved, the framework could offer clarity for startups, protection for users, and oversight for the central bank.
As crypto becomes a fixture of financial life in West Africa, Ghana’s proactive stance might set a precedent for smart regulation over prohibition—a signal to other emerging economies watching closely.
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.
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