Ghana is preparing to introduce a formal crypto licensing framework as its digital asset market hits $3 billion in transaction volume.
The move, driven by concerns over currency volatility and missed opportunities in Web3, is expected to enter parliament by September, according to Bank of Ghana (BoG) deputy governor Johnson Asiama.
The cedi, Ghana’s fiat currency, has surged 48% in the past year after a steep 25% drop the year before.
Policymakers are looking to regulate the growing use of cryptocurrencies in payments and trade to improve financial oversight and support the cedi’s long-term stability.
Bloomberg interview reveals regulatory intent
In a recent interview with Bloomberg, BoG’s Johnson Asiama confirmed that the central bank is in the final stages of preparing a regulatory framework for digital assets.
The legislation, expected to be submitted to parliament by September, is intended to formalise the use of cryptocurrencies, capture financial data, and support the nation’s Web3 strategy.
Asiama said the delay in implementing such regulations has already had implications for the local currency.
He noted that many Ghanaian businesses are already using crypto for payments, but without regulatory clarity, there is no official data to measure adoption or risk.
The upcoming law is meant to address this gap.
Ghana joins African nations exploring crypto rules
Ghana is not alone in its pursuit of digital asset regulation. South Africa remains the only African country with an operational licensing regime for crypto firms.
As of December 2024, the Financial Sector Conduct Authority (FSCA) in South Africa had licensed 248 Crypto Asset Service Providers (CASPs) under the Financial Advisory and Intermediary Services Act, with 56 applications still under review.
Other African nations are progressing more slowly. Nigeria, despite hosting the continent’s largest crypto transaction volume—$59 billion over the same 12-month period—has yet to finalise a comprehensive licensing framework.
Ghana’s $3 billion volume places it well below Nigeria, but the country is positioning itself to catch up by embedding legal infrastructure before adoption becomes too widespread to regulate retroactively.
Web3 offers opportunities for trade and financial inclusion
The Bank of Ghana sees regulated crypto infrastructure as essential for boosting cross-border trade, strengthening economic surveillance, and tapping into strategic investments within the Web3 space.
The upcoming legislation is expected to create pathways for new entrants while reducing systemic risk from unregulated platforms.
By legalising and licensing platforms, Ghana aims to better integrate digital assets into its broader financial system.
This includes attracting international Web3 companies, collecting taxation on crypto-related activities, and enhancing consumer protections through clear legal guidelines.
The government’s approach is also influenced by regional trends.
With global interest in blockchain technology rising, Ghana’s regulatory readiness may influence how quickly it can leverage partnerships, innovation hubs, and investment in the digital finance space.
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