Ghana is moving to legalize and regulate cryptocurrencies by December 2025, reversing years of official caution and warnings to consumers. The shift was confirmed by Bank of Ghana Governor Johnson Asiama during IMF meetings in Washington, where he said a draft bill will be advanced to parliament on a tight timetable. If enacted on schedule, the framework would align Ghana with a growing cohort of African markets that are formalizing oversight of digital assets.
From caution to regulation
For most of the past decade, regulators in Accra treated crypto as outside the country’s payment and settlements frameworks and reminded citizens that tokens were not legal tender. The Securities and Exchange Commission issued public advisories, and the central bank maintained that virtual currencies fell beyond its mandate. Rising adoption, heavier transaction volumes, and regulatory moves across the continent prompted a rethink, supported by draft VASP guidelines in 2024 and a plan to stand up a dedicated digital assets unit within the central bank.
Legislative path and supervisory design
Officials say the upcoming Virtual Asset Providers Act will empower the Bank of Ghana to license and supervise exchanges, custodial wallets, token issuers, and other operators, with the SEC expected to play complementary roles. Governor Asiama stated that a regulatory framework has been assembled and that the objective is to secure legal cover before the end of 2025. He also acknowledged that the enforcement department remains unstaffed and emphasized near term recruitment and new monitoring systems to track crypto flows and market abuse.
Adoption and macro context
Estimates suggest more than three million Ghanaians already hold or trade crypto, representing roughly 8 to 17 percent of adults. Transaction volumes between July 2023 and June 2024 are cited at over three billion dollars, much of it tied to remittances and retail payments that often skirt traditional banking rails. Volatility in the cedi, policy rates around 28 percent, and inflation near 13.7 percent underscore the macro pressures that make clearer oversight urgent.
Regional race to regulate
Ghana’s push follows Kenya’s passage of a Virtual Asset Service Providers bill that splits oversight between the central bank and the capital markets regulator. Nigeria’s 2025 Investments and Securities Act formally designates digital assets as securities under SEC supervision while the central bank oversees payments rules. South Africa’s Financial Sector Conduct Authority has granted permits to dozens of crypto firms, and Ghana’s law could become a template for regulatory coordination across ECOWAS.
Opportunities and risks for market participants
Policymakers argue that licensing will pull opaque flows into the formal financial system, improve data visibility, and reduce exposure to fraud, money laundering, and systemic shocks. A statute would give authorities the tools to collect granular market data and to set operational standards that cover custody, stablecoins, and consumer safeguards. Execution will hinge on staffing, supervisory technology, and alignment with evolving FATF recommendations and IOSCO approaches to market integrity.
The December 2025 target signals that crypto in Ghana is no longer fringe and is poised to be integrated into the country’s financial architecture. Parliament’s handling of the bill and the central bank’s ability to stand up an enforcement unit will determine whether the timeline holds. If lawmakers deliver and institutions scale, Ghana could shift from late mover to regional bellwether for responsible crypto regulation.