Ghana’s central bank is preparing to introduce a comprehensive legal framework that will formally regulate cryptocurrency platforms, marking a significant step toward capturing a rapidly growing sector of the economy. According to Johnson Asiama, Governor of the Bank of Ghana, the proposed legislation is expected to be submitted to parliament by September. The move aims to harness digital currencies to support cross-border trade, attract investment, enhance monetary policy, and improve data visibility within the national financial system.
Crypto Usage Outpaces Regulation
Ghana has witnessed a sharp rise in cryptocurrency usage, with millions of citizens engaging in digital asset transactions that remain outside the reach of formal financial oversight. Asiama admitted the country is behind in terms of regulation, acknowledging that these unmonitored activities have broad implications for financial reporting and currency management. The lack of regulation means significant volumes of economic activity go unrecorded, complicating efforts to assess real-time financial flows and economic performance.
Economic Volatility Drives Urgency
The timing of the proposed regulation comes amid extreme volatility in the Ghanaian cedi, which appreciated 48% over the past year following a steep 25% drop the year before. This instability presents a challenge for inflation control in a country that relies heavily on imports. The Bank of Ghana currently maintains a policy interest rate of 28%, while inflation stood at 13.7% in June, illustrating the difficulty of managing monetary policy in the absence of robust financial data—including crypto flows.
Private Sector Backs Regulatory Framework
Leaders within Ghana’s tech and financial sectors have voiced support for the regulatory initiative. Del Titus Bawuah, CEO of Accra-based Web3 Africa Group, emphasized the need for mainstreaming cryptocurrency into the financial system to improve oversight. Citing transaction data, Bawuah reported that crypto trades in Ghana totaled $3 billion between July 2023 and June 2024, with 17% of the adult population—around 3 million people—actively using digital currencies.
Comparative Regional Momentum
The growing use of crypto in Ghana mirrors broader trends across sub-Saharan Africa. Nigeria alone saw $59 billion in crypto transactions during the same period, representing nearly half of the region’s total volume of $125 billion. These figures underscore the increasing relevance of cryptocurrencies in everyday commerce and investment activity across African economies, even as formal regulation lags.
Central Bank Seeks Safety and Structure
While Ghana’s central bank is not opposed to crypto adoption, it is focused on creating a regulatory framework that ensures both user protection and financial stability. Kwame Oppong, Head of Fintech and Innovation at the Bank of Ghana, reiterated the need to “put safeguards and rails around” digital currency activity. The goal is to preserve financial integrity while enabling the benefits of blockchain technology to be realized within a regulated environment.
A Catalyst for Intra-African Trade
Advocates argue that crypto adoption, especially stablecoins, could address long-standing challenges such as limited dollar liquidity in regional trade. Craig Stoehr, General Counsel at Yellow Card, a stablecoin-based payment platform operating across Africa, noted that digital currencies could make intra-African trade more efficient by bypassing traditional currency constraints. This potential aligns with Ghana’s broader economic goals of regional integration and reduced dependence on foreign exchange reserves.
Ghana’s plan to license cryptocurrency platforms represents a pivotal shift from informal adoption to structured inclusion of digital currencies in its financial system. By implementing regulation, the country seeks to bring visibility, control, and opportunity to a sector already used by millions but largely unaccounted for in economic planning. As legislation moves forward, Ghana joins a growing number of African nations acknowledging that the future of finance will include crypto—whether by design or by default.