Ghana’s Central Bank Pushes for Crypto Regulation Amid Growing Adoption

Ghana's central bank is racing against time to establish a regulatory framework for cryptocurrencies, with Governor Johnson Asiama pledging to present a VIRTUAL assets bill to parliament before year-end. The move comes as digital currency transactions in the country hit $3 billion between July 2023 and June 2024, representing significant economic activity outside traditional banking channels.

Approximately 17% of Ghana's adult population—some 3 million people—are actively using cryptocurrencies for payments, savings, and remittances. Yet the Bank of Ghana faces the challenge of building its regulatory capacity from scratch, with recruitment for a dedicated crypto supervision team still underway.

"It is an important area, and we have to step up to regulate and monitor these transactions," Asiama stated during discussions at the IMF's fall meetings. The governor emphasized the bank's commitment to establishing oversight despite the operational hurdles, framing it as a necessary response to the sector's rapid growth.