Ghana’s central bank plans to have cryptocurrency regulations in place by the end of 2025, following the submission of a bill to parliament just a week after Kenya passed its own crypto legislation.
Johnson Asiama, governor of the Bank of Ghana (BoG), told the International Monetary Fund meetings in Washington on Thursday that the country has “done a lot of work in the past four months to put together the regulatory environment” and draft the necessary legislation.
“That bill is on its way to parliament. Hopefully, before the end of December, we should be able to regulate cryptocurrencies in Ghana,” Asiama said.
Kenya Passes VASP Bill; Ghana Views Regulations as First Step
Earlier this month, Kenya’s Virtual Asset Service Providers (VASP) bill passed parliament on October 7, creating a framework for licensing, consumer protections, and regulation of exchanges, brokers, wallet operators, and token issuers.
For Ghana, crypto legislation is only the first step. The Bank of Ghana (BoG) had previously set a September deadline for implementing crypto regulations and released draft guidelines in August 2024, while also soliciting public feedback.
Governor Johnson Asiama emphasized that the laws mark just the beginning, noting that “the ability to monitor crypto flows will be key” to effective regulation.
“Therefore, we are developing the expertise, we are developing the manpower. We are putting together a new department that will help us. It is an important area. We can no longer ignore it, and we’re trying very hard to be able to regulate that.”
The Bank of Ghana (BoG) initially took a cautious approach to cryptocurrencies, warning the public that they are not legal tender and advising the use of money backed by the central bank.
Crypto Adoption Surges in Ghana
Despite the lack of formal regulations, over 3 million Ghanaians—about 8.9% of the country’s 34 million population—use crypto in some form, according to online data platform Demandsage.
Governor Johnson Asiama said the rising adoption made regulation unavoidable. “As policymakers, we have to step in to exercise some control and prevent abuse of the system,” he stated.
The BoG is also operating a digital sandbox, allowing select companies to experiment with cryptocurrency under controlled conditions.
Regulate or Risk Falling Behind
Isaac Simpson, senior head of financial advisory and equity capital markets at Stanbic Bank Ghana, emphasized that Ghana must act quickly to regulate crypto. “The digital train has left the station,” he said in July.
“Nigeria, Kenya, South Africa, and Rwanda are already miles ahead—piloting CBDCs, launching regulated crypto exchanges, issuing digital asset licenses, and attracting global crypto capital. Ghana has a choice: lead or be disrupted,” Simpson added.
“Inaction is a policy. And currently, our inaction is costing us, loss of tax revenue, exposure to illicit capital flows, stifled innovation and an unregulated youth-led digital economy outside state control.”
