Ghana’s parliament has approved legislation legalising cryptocurrency, marking a major step toward regulating the country’s rapidly expanding digital asset market.
The decision follows longstanding concerns raised by the Bank of Ghana (BoG) over the widespread and largely unregulated use of virtual currencies across the country. According to the central bank, nearly three million Ghanaians — about 17 percent of the adult population — are actively involved in cryptocurrency transactions.
The new law, known as the Virtual Asset Service Providers (VASP) Bill, establishes a regulatory framework for licensing and supervising cryptocurrency platforms operating in Ghana.
Central Bank Welcomes Reform
Speaking in Accra over the weekend, Bank of Ghana Governor Johnson Asiama said the legislation would enhance transparency, accountability and oversight within the crypto ecosystem.
He noted that the growing adoption of digital assets has direct implications for the management of the cedi, Ghana’s national currency, making regulation necessary to safeguard financial stability.
“This emerging activity must be brought within clear, accountable, and well-governed boundaries,” Asiama said.
Benefits for Banks, Businesses, and Consumers
The governor added that proper regulation would reduce costs for banks, improve customer experience, and support small and medium-sized enterprises (SMEs) and traders that rely on digital payment systems.
By formalising the sector, authorities aim to balance innovation with financial stability while creating a safer environment for investors and businesses engaging in digital assets.
Ghana’s Crypto Market in Perspective
Estimates by Web3 Africa Group show that cryptocurrency transactions in Ghana reached $3 billion in the year to June 2024.
By comparison, Nigeria recorded approximately $59 billion in crypto trades during the same period, accounting for nearly half of sub-Saharan Africa’s total crypto transaction volume of $125 billion.
Nigeria’s Experience Highlights the Stakes
In October, Nigeria’s Securities and Exchange Commission (SEC) disclosed that crypto transactions in the country exceeded $50 billion between July 2023 and June 2024 — equivalent to about ₦75 trillion at an exchange rate of ₦1,500 to the dollar.
SEC Director-General Dr. Emomotimi Agama noted that the scale of digital asset activity reflects the financial sophistication and risk appetite of Nigerians, despite fewer than four percent of adults participating in the traditional capital market