TLDR
- Ghana will submit a Virtual Assets Bill to Parliament before December 2025.
- The Bank of Ghana is yet to hire staff for its crypto regulation department.
- In Ghana, around 3 million adults actively use cryptocurrencies for payments and savings.
- Crypto transactions in Ghana reached $3 billion between July 2023 and June 2024.
- Governor Asiama said the country has finalized its crypto regulatory framework.
Ghana’s central bank has confirmed that it will present a Virtual Assets Bill to Parliament before the end of 2025. The move signals the country’s intention to implement crypto regulation despite the absence of an enforcement team. The Bank of Ghana aims to control the growing activity of digital currencies within a tight time frame.
Crypto Regulation Bill Targets December Deadline
Governor Johnson Asiama announced the timeline for crypto regulation during the IMF fall meetings held in Washington. He said the bill would be submitted to Parliament before December and aimed to fill the regulatory gap. Ghana is seeking to license platforms and regulate unregulated cryptocurrency activities.
Asiama said: “We have put in place the regulatory framework and have a new bill to regulate virtual assets. » The bank has not yet hired enforcement staff, but plans to build the team. Ghana’s Virtual Assets Department remains unstaffed as recruitment and training continues.
Despite these shortcomings, the central bank remains confident in its timeline for regulating cryptocurrencies. The bill will allow the bank to collect financial data and license crypto operators. The law also aims to improve monetary policy in an import-driven economy.
Millions Use Crypto Amid Cedi Volatility
Around 3 million adults in Ghana actively use digital currencies for remittances, savings and payments. Crypto regulation should formalize oversight of this rapidly growing sector. Between July 2023 and June 2024, crypto transactions in Ghana reached $3 billion.
This figure highlights the need for strict crypto regulation to track financial flows beyond traditional banking operations. Asiama acknowledged that Ghana is “late to the game” but stressed the urgency of regulation. As the cedi fluctuates, regulation of the digital currency becomes more essential.
The cedi rose 48% in one year after falling 25% the previous year. Interest rates currently stand at 28%, while inflation is at 13.7%. These figures illustrate the pressure placed on monetary tools, further highlighting the need for crypto regulation.
Africa moves ahead with national crypto laws
Ghana’s crypto regulations come as other African countries launch similar efforts to manage digital assets. Kenya’s parliament passed a crypto regulation bill on October 14, awaiting the president’s signature. The law divides supervision between the central bank and the capital markets authority.
Nigeria leads the region with $59 billion in crypto volume during the same period. South Africa had authorized 59 crypto platforms as of March 2024, with over 260 applications pending. These developments indicate a growing demand for regulation of cryptocurrencies in Africa.
Ghana also launched blockchain-based stamps in May 2024 and is currently testing its e-cedi digital currency. International platforms like Blockchain.com plan to expand into Africa. The African crypto market is expected to generate $2.9 billion in revenue by 2025.
Crypto regulation will allow Ghana to manage its economic data, control financial flows, and mitigate risks associated with unregulated platforms. However, the success of the application depends on the staffing of the new department. The country’s crypto regulatory ambitions will be tested in the coming months.
