ACCRA, Ghana – July 25, 2025 – The Bank of Ghana (BoG) has announced plans to introduce a regulatory framework to license cryptocurrency platforms by September 2025, a move designed to capture revenue, enhance oversight, and integrate digital assets into the nation’s financial system. With approximately 3 million Ghanaians—17.3% of the adult population—using cryptocurrencies, the initiative reflects Ghana’s shift from caution to embracing digital finance to address economic volatility and foster innovation, positioning the country as a potential fintech hub in West Africa.
The BoG, led by Governor Johnson Asiama, is finalizing a draft of the Virtual Asset Providers Act, set to be tabled in Parliament by September. The proposed legislation will establish licensing requirements for Virtual Asset Service Providers (VASPs), including crypto exchanges, digital wallet providers, and firms handling asset custody or token sales. All VASPs must register with the BoG by August 15, 2025, and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards to prevent fraud and illicit financing. Non-compliance risks penalties or exclusion from future licensing, according to BoG Secretary Sandra Thompson.
Governor Asiama emphasized the urgency of regulation, noting, “We are actually late in the game,” as crypto transactions worth $3 billion were recorded in Ghana from July 2023 to June 2024, per Web3 Africa Group data. These transactions, often conducted outside official financial records, complicate monetary policy, especially given the Ghanaian cedi’s volatility—a 48% gain in 2025 after a 25% drop in 2024. “The cedi’s resilience depends on capturing these flows,” Asiama told Bloomberg, highlighting how unregulated crypto use hinders inflation control, with June 2025 inflation at 13.7% against a 28% benchmark interest rate.
The framework aims to boost cross-border trade, attract investment, and enhance financial transparency. Ghana ranks 29th globally and 4th in Africa for crypto adoption, per the 2023 Chainalysis Global Crypto Adoption Index, with young Ghanaians using platforms like Binance and KuCoin for Bitcoin, Ethereum, and stablecoins like USDT. Stablecoins, accounting for 43% of Sub-Saharan Africa’s crypto volume, are popular for remittances and e-commerce, bypassing traditional banking limitations. The BoG is exploring blockchain solutions like RippleNet for low-cost, real-time cross-border settlements to enhance the e-Cedi’s functionality. The BoG, alongside the Securities and Exchange Commission (SEC) and Ghana Revenue Authority (GRA), will establish a Digital Asset Intelligence Unit to monitor crypto-related crimes, with the GRA integrating tax guidance into digital filing systems.
Ghana’s move aligns with regional trends, following South Africa’s licensing regime and Nigeria’s cautious reforms. The African crypto market is projected to generate $2.9 billion by 2025, driven by a young, tech-savvy population and currency instability. By formalizing its $3 billion crypto sector, Ghana aims to emulate Mauritius and the Central African Republic, which have legalized digital assets. However, analysts warn that excessive regulation could push innovation underground, while inadequate oversight risks money laundering and speculative bubbles.
As Ghana prepares to submit the Virtual Asset Providers Act, the BoG’s efforts signal a proactive embrace of digital finance. The success of this framework will depend on balancing innovation with consumer protection, potentially setting a regulatory benchmark for West Africa and strengthening Ghana’s position in the global fintech landscape.
