In a recent interview with Bloomberg, Johnson Asiama, Governor of the Bank of Ghana, revealed that the central bank is in the final stages of drafting a regulatory framework for cryptocurrency. The proposed legislation is expected to be submitted to parliament by September this year.
Asiama explained that the upcoming law aims to bring greater regulatory clarity to Ghana’s digital asset space. It is designed to help the country harness the benefits of crypto, enhance cross-border trade, improve financial data collection, and lay the foundation for strategic investments in Web3 technologies.
“We are actually late in the game—it has implications for the local currency,” Asiama noted, highlighting the widespread use of cryptocurrency among Ghanaians for everyday transactions.
Bloomberg data shows that Ghana’s national currency, the cedi, has appreciated by 48% over the past year, making it one of the world’s best-performing currencies. This marks a significant recovery from a 25% decline the previous year.
Asiama also pointed out that many businesses and economic actors in Ghana have already adopted crypto for payments and transactions. However, the extent of usage remains uncertain due to the absence of a formal regulatory structure to track such activities.
According to the Web3 African Group, cryptocurrency transactions in Ghana between July 2023 and June 2024 totaled $3 billion. While significant, this figure is modest compared to countries like Nigeria, which recorded $59 billion in crypto transactions during the same period.
Ghana Moves to Close Gap with South Africa on Crypto Licensing
Currently, South Africa remains the only African nation with a formal licensing regime for cryptocurrency firms. While other countries across the continent are still in the exploratory phase of developing digital asset regulations, South Africa has taken a clear lead.
According to a press release from the Financial Sector Conduct Authority (FSCA), as of December 2024, the country had licensed 248 Crypto Asset Service Providers (CASPs) under the Financial Advisory and Intermediary Services Act, with 56 more applications still under review.
