Ghana is looking to redefine how cryptocurrencies are used before the end of the year

Ghana has consistently touted its intentions to regulate the use of cryptocurrency within its borders, and recently, the country revealed that said regulations could take effect before the end of the year.

• Ghana aims to implement cryptocurrency regulations by December, led by the Central Bank of Ghana.
• The regulatory framework includes the Virtual Asset Providers Act, empowering oversight of virtual asset platforms.
• This initiative intends to balance consumer protection with encouraging financial innovation.
• Ghana joins other African countries, like South Africa and Nigeria, in establishing cryptocurrency guidelines.

Johnson Asiama, the governor of the Central Bank of Ghana, at the sidelines of the International Monetary Fund’s meetings in Washington on Thursday, disclosed that a law to regulate cryptocurrencies and virtual assets would be put in place by the end of December.

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“It is an important area, and we have to step up to regulate and monitor these transactions,” Asiama said in a discussion with Abebe Aemro Selassie, director of the IMF’s African department.

“We have put together the regulatory framework and have a new bill to regulate virtual assets. That bill is on its way to parliament, hopefully before the end of December, we should be able to regulate cryptocurrencies in Ghana,” he added.

As seen on Bloomberg, Johnson Asiama stated that Ghana is establishing a new division and building the knowledge necessary to assist in controlling the sector.

This cryptocurrency project, led by Ghana's central bank, is meant to bring clarity and stability to the business, protecting consumers while encouraging innovation.

The BoG governor has in the past pointed out that the action is reliant on the approval of the Virtual Asset Providers Act, which would empower the Bank of Ghana to license and regulate virtual asset platforms and participants.

The central bank's move is consistent with a rising trend in Africa toward establishing defined regulations for cryptocurrency activities.

In April 2025, Ghana's central bank set a September 2025 deadline for cryptocurrency regulation, which it was not able to meet; thus, the new due date of December.

In July, the Governor of the Bank of Ghana (BoG) noted that the bank was finalizing a regulatory framework for virtual asset service providers (VASPs) and cryptocurrency platforms.

Ghana’s stance on the use of cryptocurrencies

The Bank of Ghana (BoG) has already clarified in a number of public statements that digital assets are not governed by Ghanaian law and are not accepted as legal cash.

Ghana now follows South Africa, Nigeria, Kenya, and other African countries that have published guidelines on the usage, acquisition, and exchange of cryptocurrencies.

Ghana now follows South Africa, Nigeria, Kenya, and other African countries that have published guidelines on the usage, acquisition, and exchange of cryptocurrencies.

By emphasizing the dangers of uncontrolled digital currencies, including fraud, money laundering, and consumer protection issues, this position demonstrated the central bank's cautious attitude.

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In a similar vein, Ghana's Securities and Exchange Commission (SEC) took a cautious stance toward digital assets, warning against using cryptocurrencies and making it clear that it has no authority over cryptocurrency offers, platforms, or exchanges.

The Bank of Ghana initially indicated its desire to address the expanding digital asset market in 2021, which sparked Ghana's interest in regulating cryptocurrencies.

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