Central Bank Pushes for Regulation Amid Explosive Adoption
Ghana is gearing up to launch its first crypto regulatory framework, as digital asset transactions in the country hit $3 billion over the past year. The Bank of Ghana (BoG) will present a bill to parliament in September aimed at licensing crypto exchanges and integrating them into the formal economy.
Governor Johnson Asiama said the country must now “play catch-up,” admitting that millions of Ghanaians are already using crypto to send money, pay for services, and run businesses. But these activities remain largely invisible to regulators, making it difficult for the BoG to track macroeconomic flows.
The bill will establish operational standards, consumer protection rules, and tax obligations for digital asset platforms. It will also help the government collect reliable data, attract foreign investment, and generate revenue.
Currency Instability Drives Urgency
Ghana’s volatile local currency, the cedi, is another reason behind the regulatory push. While the cedi rose 48% in the last year, this came after a 25% crash the year before. This erratic pattern makes it hard for the central bank to shape monetary policy.
Asiama explained that crypto-fueled capital flows often go unrecorded, impairing the BoG’s ability to forecast inflation and manage exchange rates. With a benchmark interest rate of 28% and inflation at 13.7% in June, there’s a growing need for clearer economic data and stabilizing tools.
By regulating crypto platforms, the BoG aims to gain better visibility into who is holding and moving crypto, especially when those movements affect foreign exchange and cross-border flows. The central bank believes tighter oversight could help preserve currency value and enhance financial inclusion.
Crypto Becomes Mainstream in West Africa
According to Del Titus Bawuah, CEO of Web3 Africa Group, about 3 million Ghanaians—roughly 17% of the adult population—now use cryptocurrencies like Bitcoin, Ethereum, and USDT. What’s more, crypto is no longer used just for speculation. People are paying for goods, sending remittances, and running businesses with digital currencies.
Bawuah noted that Ghana’s usage trend is part of a much larger movement across the region. In the past 12 months, Ghana recorded $3B in crypto transactions, while Nigeria led with $59B, nearly half of the total volume in sub-Saharan Africa, which reached $125 billion.
The shift is being fueled by lack of trust in traditional banks, limited dollar access, and the need for frictionless cross-border payments. Craig Stoehr, general counsel at Yellow Card, said that crypto could significantly improve intra-African trade by eliminating the usual currency exchange barriers.
Africa’s Crypto Awakening Gains Momentum
Ghana’s decision reflects a continent-wide realization that crypto is not a passing trend. More governments are moving toward licensing and regulating exchanges to leverage the sector’s growth, protect consumers, and ensure that financial activity is visible and taxable.
If passed, Ghana’s new crypto bill could set a precedent for the rest of West Africa, positioning the country as a regulatory leader in the region’s rapidly expanding digital economy.
