Ghana’s Crypto Revolution: From Skepticism to Regulation by September 2025
Ghana's financial landscape is about to get a blockchain-powered facelift. The West African nation—once wary of digital assets—is flipping the script with sweeping crypto regulations set to take effect in two months.
No more wild west: The Bank of Ghana's framework promises clarity for exchanges, wallet providers, and token issuers. Finally, a rulebook for the country's booming peer-to-peer bitcoin traders.
Local startups are already jockeying for position—typical gold rush behavior when governments start drawing lines in the sand. Meanwhile, traditional banks are sweating over their soon-to-be-obsolete KYC paperwork.
One question remains: Will regulation legitimize crypto or just give bureaucrats a new revenue stream? (We all know how this ends—just look at what happened to mobile money.)
Ghana to License Crypto Exchanges by 2025
Ghana is set to officially license and regulate cryptocurrency platforms by September 2025, marking a major policy shift in response to growing public adoption of digital assets. The move aligns Ghana with regional counterparts such as Nigeria and South Africa, which have already introduced crypto regulatory frameworks.
Leading the initiative is the Bank of Ghana (BoG), which recently published an exposure draft outlining proposed rules for VIRTUAL Asset Service Providers (VASPs). These include licensing terms, anti-money laundering safeguards, and consumer protection guidelines.
A draft bill, the Virtual Asset Providers Act, is currently under review and will be submitted to parliament by September. Once enacted, it will provide legal backing to the regulatory framework and allow authorities to formalise oversight of the crypto sector.
Crypto Adoption Pushes Policy Shift
The BoG's pivot follows a sharp rise in digital asset adoption across Ghana. According to Web3 Africa Group CEO Del Titus Bawuah, an estimated 3 million Ghanaians, about 17% of the adult population, actively use cryptocurrencies such as Bitcoin, Ethereum, and USDT. Crypto usage has expanded beyond investment, with citizens relying on it for remittances, payments, and business operations.
Bawuah noted that between July 2023 and June 2024, crypto transactions in the country reached $3 billion, reflecting its integration into daily economic activity.
BoG Governor Johnson Asiama claimed that they were actually “late in the game”, highlighting that unregulated crypto activity has distorted national financial records. Many transactions involving crypto go unreported, limiting the central bank’s ability to monitor capital flows and economic trends.
Stabilising the Cedi Through Regulation
One of the central motivations behind the regulatory MOVE is the BoG’s effort to stabilise the volatile Ghanaian cedi. The currency appreciated 48% over the past year, rebounding from a 25% decline the year before. Such fluctuations complicate monetary policy in a country heavily dependent on imports.
Governor Asiama stated that regulating crypto platforms WOULD help the central bank collect accurate financial data, forecast inflation trends, and gain insight into cross-border capital movements. Improved oversight is also expected to support the BoG’s broader goals of economic inclusion and long-term monetary stability.
With inflation at 13.7% as of June and a benchmark interest rate of 28%, the BoG views digital asset regulation as a tool to refine its monetary strategy and attract foreign investment in fintech infrastructure.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
