Ghana’s parliament has approved the legalization of cryptocurrency, marking a significant step toward regulating the fast-growing digital asset market in the country.
The move addresses concerns raised by the Bank of Ghana over the widespread, unregulated use of virtual currencies.
The central bank is seeking to enhance transparency and oversight in the crypto sector following reports that nearly 3 million Ghanaians—about 17% of the adult population—are involved in cryptocurrency transactions.
What BOG Governor is saying
The passage of the Virtual Asset Service Providers Bill will pave the way for licensing crypto platforms and supervising their activities, Bank of Ghana Governor Johnson Asiama announced over the weekend in Accra.
He said this trend has direct implications for the management of the cedi, Ghana’s official currency.
Asiama emphasized that the new law will ensure that “emerging activity is brought within clear, accountable, and well-governed boundaries.”
Benefits for businesses and consumers
Governor Asiama added that regulatory oversight will “lower costs for banks, improve customer experience, support small and medium-sized enterprises and traders.”
By formalizing the sector, the Bank of Ghana hopes to balance innovation with financial stability, while creating a safer environment for investors and businesses engaging in digital assets.
Ghana’s crypto market in context
Crypto transactions in Ghana reached $3 billion in the year through June 2024, according to estimates by Web3 Africa Group, an Accra-based company planning to establish crypto exchanges across the continent.
In comparison, Nigeria recorded $59 billion in crypto trades during the same period, accounting for nearly half of sub-Saharan Africa’s total volume of $125 billion.
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