Ghana is moving rapidly toward establishing a formal regulatory framework for digital assets, with the Bank of Ghana pledging to introduce cryptocurrency regulations by December 2025.
The move follows explosive growth in crypto adoption across the country, where nearly 3 million Ghanaians, about 17% of the adult population, actively use digital currencies for payments, remittances, and savings.
Speaking at the IMF’s fall meetings in Washington, Bank of Ghana Governor Johnson Asiama confirmed that the central bank will submit a Virtual Assets Bill to Parliament before the end of the year.
The legislation aims to license and supervise virtual asset service providers (VASPs), including exchanges, wallet operators, and custodians, as part of efforts to strengthen oversight and integrate crypto activity into Ghana’s formal financial system.
“It is an important area, and we have to step up to regulate and monitor these transactions,” Asiama said, acknowledging that the central bank is still recruiting staff and building the capacity required for crypto supervision.
Industry data shows that between July 2023 and June 2024, crypto transactions in Ghana exceeded USD 3 billion, underscoring how deeply digital assets have become embedded in the country’s economic activity.
However, regulators warn that unmonitored crypto use has distorted financial data, hindered capital flow monitoring, and complicated efforts to stabilize the Ghanaian cedi.
Under the proposed framework, VASPs will face anti-money laundering (AML) and know-your-customer (KYC) obligations, minimum capital requirements of 5 million Ghanaian cedis, and regular audits to ensure consumer protection and financial integrity.
The Bank of Ghana also plans to establish a Virtual Assets Regulatory Office (VARO) to oversee implementation and coordinate with other national agencies, including tax and telecommunications regulators.
Analysts say the initiative positions Ghana to become one of Africa’s most advanced digital finance hubs, if it can balance innovation with accountability. But with recruitment still underway and enforcement mechanisms untested, the December deadline will challenge the central bank’s institutional readiness to govern a fast-evolving crypto economy.