TLDR
- Ghana will submit a virtual assets bill to parliament before December 2025.
- The Bank of Ghana has not hired any staff for its crypto regulation department yet.
- Around 3 million adults in Ghana actively use cryptocurrencies for payments and savings.
- Crypto transactions in Ghana reached $3 billion between July 2023 and June 2024.
- Governor Asiama stated that the country has finalized its crypto regulation framework.
Ghana’s central bank confirmed it will present a virtual assets bill to parliament before the end of 2025. This move signals the country’s intent to implement crypto regulation despite lacking an enforcement team. The Bank of Ghana aims to control growing digital currency activity within a tight timeline.
Crypto Regulation Bill Targets December Deadline
Governor Johnson Asiama announced the crypto regulation timeline during IMF fall meetings held in Washington. He stated the bill will reach parliament before December and aims to address the regulatory vacuum. Ghana seeks to license platforms and regulate unregulated cryptocurrency activity.
Asiama said, “We have put together the regulatory framework and have a new bill to regulate virtual assets.” The bank has not yet hired staff for enforcement but plans to build the team. Ghana’s virtual assets department remains unstaffed as recruitment and training continue.
Despite these gaps, the central bank remains confident in its timeline for crypto regulation. The bill will enable the bank to collect financial data and license crypto operators. The law also seeks to improve monetary policy in the import-driven economy.
Millions Use Crypto Amid Cedi Volatility
Roughly 3 million adults in Ghana actively use digital currencies for remittances, savings, and payments. Crypto regulation is expected to formalize oversight of this rapidly growing sector. Between July 2023 and June 2024, crypto transactions in Ghana hit $3 billion.
This figure highlights the need for strong crypto regulation to track financial flows beyond traditional banking. Asiama acknowledged that Ghana is “late in the game” but stressed the urgency of regulation. As the cedi fluctuates, regulating digital currency becomes more essential.
The cedi rose 48% in one year after falling 25% the year before. Interest rates currently stand at 28%, while inflation is at 13.7%. These figures illustrate the pressure on monetary tools, further underscoring the need for crypto regulation.
Africa Pushes Forward with National Crypto Laws
Ghana’s crypto regulation comes as other African countries launch similar efforts to manage digital assets. Kenya’s parliament passed a crypto regulation bill on October 14, awaiting the president’s signature. The law splits oversight between the central bank and capital markets authority.
Nigeria led the region with $59 billion in crypto volume during the same period. South Africa licensed 59 crypto platforms by March 2024, with over 260 applications pending. These developments indicate a growing demand for cryptocurrency regulation across Africa.
Ghana also launched blockchain-based stamps in May 2024 and is testing its e-cedi digital currency. International platforms like Blockchain.com are planning expansion into Africa. The African crypto market is forecasted to generate $2.9 billion in revenue by 2025.
Crypto regulation will enable Ghana to manage its economic data, control money flows, and mitigate risks associated with unregulated platforms. However, successful enforcement depends on staffing the new department. The nation’s crypto regulation ambitions will be tested in the coming months.
