Ghana has taken a major step toward regulating its digital economy after lawmakers approved legislation to legalize cryptocurrency use in the country.
The new law, known as the Virtual Asset Service Providers Bill, creates a legal framework for licensing and supervising crypto platforms, addressing long-standing concerns from the Bank of Ghana about the rapid growth of unregulated digital asset activity.
Bank of Ghana Governor, Johnson Asiama, said the legislation will improve transparency and accountability in the sector, noting that crypto adoption now has implications for managing the cedi and safeguarding financial stability.
Estimates suggest nearly three million Ghanaians—around 17% of the adult population—are already involved in cryptocurrency transactions.
According to Asiama, bringing crypto activities under formal regulation will reduce costs for banks, enhance customer experience, and support small businesses and traders.
The central bank believes the move strikes a balance between encouraging innovation and protecting consumers and investors.
Ghana’s crypto market has expanded rapidly, with transactions estimated at about $3 billion in the year to June 2024.
While this is modest compared to Nigeria’s much larger volumes, authorities see regulation as a critical step in positioning Ghana as a credible and well-governed digital finance hub in Africa.
With the new law in place, the focus now shifts to implementation, including licensing exchanges and enforcing compliance standards across the sector.
