Ghana is taking decisive steps to bring cryptocurrency under official oversight, with plans to license and regulate digital asset platforms in a move that could reshape the countrys financial landscape.
The Bank of Ghana is finalising a regulatory framework expected to reach parliament by September, according to Governor Johnson Asiama. This development comes as millions of Ghanaians have already embraced cryptocurrencies for daily transactions and cross-border trade, despite operating in a legal gray area until now.
The push for regulation reflects both the growing influence of digital currencies in Ghanas economy and the challenges they pose to traditional financial systems.
With an estimated 3 million Ghanaians about 17 of the adult population using virtual currencies, authorities are keen to bring these transactions into the formal financial sector. Recent data shows Ghana recorded USD 3 B in cryptocurrency transactions between July 2023 and June 2024, per Web3 Africa Group, though this pales in comparison to neighboring Nigerias USD 59 B volume during the same period.
Governor Asiama acknowledged the urgency of regulation, stating We are actually late in the game. Many economic activities involving cryptocurrency payments currently escape official records due to the lack of oversight, creating blind spots for monetary policymakers.
