Ghana Races Toward Crypto Regulation by Year-End Amid Soaring Adoption

Ghana’s central bank is moving quickly to bring digital assets under formal regulation, with officials targeting December 2025 to introduce the country’s first comprehensive crypto framework — a move that could reshape one of West Africa’s most active digital economies.

Bank of Ghana (BoG) Governor Johnson Asiama confirmed at the International Monetary Fund’s meetings in Washington that the long-awaited crypto bill is nearly complete and will soon be submitted to parliament.

“We’ve done a lot of work in the past four months to put together the regulatory environment. That bill is on its way to parliament, and hopefully before the end of December, we should be able to regulate cryptocurrencies in Ghana.”

The announcement marks a renewed push from the BoG, which previously set a September deadline for introducing crypto regulations but delayed the process to refine its policy framework. Draft guidelines were released in August 2024, followed by rounds of public consultations to balance innovation with oversight.

However, Asiama emphasized that the new legislation would only be the first step

“The ability to monitor crypto flows will be key,” he said. “We’re developing the expertise, building the manpower, and establishing a new department dedicated to digital asset supervision. This is an important area — we can no longer ignore it.”

The BoG’s stance has evolved from caution to pragmatism. Once warning citizens that cryptocurrencies were not legal tender, the central bank now recognizes that with an increased number of people using crypto in the country, the adoption of crypto is imminent.

A Booming Market That Can No Longer Be Ignored

Even without a clear regulatory framework, crypto use in Ghana has surged. According to Demandsage, more than 3 million Ghanaians — roughly 8.9% of the population — currently engage with cryptocurrencies, putting the country among Africa’s most active markets.

Asiama noted that rising adoption forced policymakers to act:

“We could not leave it unregulated. As policymakers, we must have some level of control to prevent abuse and protect users.”

The central bank has also been testing a regulatory sandbox, giving approved crypto firms space to experiment under supervision as Ghana prepares for full-scale oversight.

Ghana’s renewed urgency comes as regional neighbors advance their own crypto and fintech regulations. Kenya’s parliament passed its Virtual Asset Service Providers (VASP) Bill earlier this month, establishing licensing rules and consumer protections for exchanges and token issuers.

Meanwhile, Nigeria, South Africa, and Rwanda are piloting central bank digital currencies (CBDCs) and regulated exchanges — leaving Ghana at risk of lagging behind in the continent’s digital finance race.

Industry leaders have warned against further delays. Isaac Simpson, senior head of financial advisory and equity capital markets at Stanbic Bank Ghana, said the country must “move forward or risk being disrupted.”

“Nigeria, Kenya, South Africa, and Rwanda are already miles ahead — piloting CBDCs, launching regulated crypto exchanges, issuing digital asset licenses, and attracting global crypto capital,” Simpson said. “Inaction is a policy — and it’s costing us in lost tax revenue, illicit capital flows, and missed innovation opportunities.”

The Road Ahead

If passed by parliament, Ghana’s crypto bill will introduce a legal framework for exchanges, brokers, wallet operators, and token issuers, alongside strict compliance and consumer protection measures.

For the BoG, the goal is clear: to balance innovation with stability and ensure Ghana remains competitive in a fast-evolving digital economy.

“This is about creating an ecosystem where innovation can thrive responsibly,” Asiama concluded.