Ghana is moving to regulate cryptocurrency platforms by September, as adoption grows and oversight becomes essential across Africa.
Ghana plans to license bitcoin and crypto platforms under a new regulatory framework set to reach parliament by September, according to Bank of Ghana Governor Johnson Asiama.
“We are actually late in the game,” Asiama said, noting many Ghanaians use crypto for payments, yet these aren’t reflected in national financial data due to lack of oversight.
The central bank aims to better track financial activity, manage inflation, and strengthen the local currency, the cedi. The cedi has risen 48% in the past year, after dropping 25% the year before—complicating inflation control. Ghana’s real interest rate is now the highest in 20 years, with a 28% policy rate and 13.7% inflation.
Crypto adoption is booming: 3 million Ghanaians (17% of adults) use digital assets. Between July 2023 and June 2024, Ghana recorded $3 billion in crypto transactions. For comparison, Nigeria saw $59 billion, nearly half of sub-Saharan Africa’s $125 billion total.
“It’s in Africa’s best interest to integrate crypto into the financial system,” said Web3 Africa CEO Del Titus Bawuah. “The data proves how widely it’s being used.”
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