Ghana is preparing to license cryptocurrency platforms in a bid to regulate a rapidly growing asset class and capture more revenue.
The Bank of Ghana plans to present a regulatory framework to Parliament by September, Governor Johnson Asiama told Bloomberg.
Why it matters
Crypto is widely used in Ghana — with an estimated 3 million adult users — yet remains outside the formal financial system. Authorities say regulation will boost cross-border trade, attract investment, and improve monetary oversight.
“We are actually late in the game,” Asiama said. “It has implications for the local currency.”
By the numbers
- 🇬🇭 Ghana: $3B in crypto transactions (July 2023 – June 2024)
- 🇳🇬 Nigeria: $59B in the same period
- 📈 Cedi up 48% in the past year — after a 25% plunge the year before
- 🏦 Policy rate: 28% | Inflation: 13.7% (June) — Real rate is Ghana’s highest in 20 years
- 📊 17% of Ghana’s adult population reportedly uses crypto
Zoom out
The rise of crypto use has complicated Ghana’s monetary policy. The central bank struggles to track crypto transactions, weakening its ability to manage inflation in the import-reliant economy.
What they’re saying
“It is in the interest of African authorities to mainstream cryptocurrency into their financial system for better oversight,” said Del Titus Bawuah, CEO of Web3 Africa Group.
“Crypto can boost intra-African trade by sidestepping dollar liquidity issues,” said Craig Stoehr, general counsel at stablecoin platform Yellow Card.
What’s next
If passed, Ghana’s crypto bill could position the country as a regulatory leader in West Africa — with clearer rules, more investor protection, and better financial data collection.
Source: Bloomberg
