Ghana’s central bank has pledged to regulate cryptocurrencies by December 2025, despite not yet hiring the staff needed to enforce the rules.
Bank of Ghana Governor Johnson Asiama announced the ambitious timeline at the International Monetary Fund’s fall meetings in Washington on Thursday, promising parliament will receive a virtual assets bill before year-end.
The announcement addresses a regulatory void in a country where approximately 3 million adults, roughly 17% of the population, actively use digital currencies for payments, savings, and remittances.
Crypto transactions in Ghana totaled $3 billion between July 2023 and June 2024, representing strong economic activity occurring beyond traditional banking oversight.
Governor of the Bank of Ghana, Johnson Asiama | Source: CR
Regulatory Infrastructure Still Being Built
Asiama acknowledged that Ghana is assembling a new department from scratch to handle crypto supervision, with recruitment and expertise development still underway.
“It is an important area, and we have to step up to regulate and monitor these transactions,” Asiama said during a discussion with Abebe Aemro Selassie, director of the IMF’s African department.
“We have put together the regulatory framework and have a new bill to regulate virtual assets,” he added, noting the bill is currently moving toward parliamentary review.
The regulatory push comes as Ghana’s cedi has experienced extreme volatility, rising up to 48% over the past year after dropping 25% in the preceding 12 months.
Authorities recognize they are “actually late in the game” as many economic agents make payments in cryptocurrencies outside any regulatory framework, according to earlier statements from Asiama.
The proposed legislation will allow Ghana to license crypto platforms, collect financial data currently missing from national accounts, and enhance monetary policy management in the import-dependent nation.
With policy interest rates at 28% versus inflation at 13.7%, authorities are seeking better oversight of currency flows affecting the domestic financial system.
Africa Races Toward Crypto Legitimacy
Ghana’s move follows Kenya’s parliament passing the Virtual Asset Service Providers Bill on October 14, which now awaits President William Ruto’s signature to become law.
Kenya’s legislation divides oversight between the Central Bank of Kenya for stablecoins and the Capital Markets Authority for exchanges.
While speaking with Cryptonews, Lionel Iruk, Senior Advisor to Nav Markets and Managing Partner at Empire Legal, notes that governments worldwide are pushing for clearer policies to secure regional advantages.
“Regulators are increasingly recognizing that innovation and investor protection are not mutually exclusive,” Iruk said, adding that regulatory certainty encourages more responsible project execution and transparent token design.
Nigeria processed $59 billion in crypto volume during the same period, representing nearly half of sub-Saharan Africa’s total $125 billion in transactions.
Meanwhile, South Africa’s Financial Sector Conduct Authority also approved 59 crypto platform licenses by March 2024, with over 260 additional applications under review.
The African crypto market is projected to generate over $2.9 billion in revenue by 2025, driven by the continent’s young, tech-savvy population and limited traditional banking access.
International exchanges, including UK-based Blockchain.com, have announced plans to open offices across the region as regulatory frameworks develop.
Implementation Challenges Remain
Ghana’s aggressive timeline raises questions about enforcement capacity, given that the department responsible for oversight has yet to be staffed.
The country previously released blockchain-based commemorative stamps in May 2024 and is testing its own digital currency, the e-cedi, as part of broader financial modernization efforts.
However, the gap between regulatory ambition and administrative readiness could determine whether Ghana’s framework succeeds or not.
The bill’s specifics, including licensing requirements, capital thresholds, and penalties for non-compliance, are not yet specified as it moves through Ghana’s legislative process.
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