By The Bank of Ghana (BoG) has revealed plans to introduce cryptocurrency regulations by September 2025, marking a significant step toward integrating digital assets into the country’s financial system. Governor Dr. Johnson Asiama shared this development during the African Leaders and Partners Forum, held alongside the IMF/World Bank Spring Meetings in Washington, D.C. on April 23, 2025. The announcement comes as Ghana grapples with rising cryptocurrency adoption, spurred by economic challenges, and aims to balance innovation with consumer protection and financial stability.
Dr. Asiama emphasized that the regulatory framework hinges on the passage of the Virtual Asset Providers Act, a legislative measure that will empower the BoG to license and supervise platforms operating in the virtual asset space. To support this initiative, the central bank is establishing a dedicated unit focused on digital assets. “This is a technology we cannot prevent, hence the need to move fast to regulate it,” Dr. Asiama stated, acknowledging the unstoppable rise of cryptocurrencies like Bitcoin in Ghana. The BoG’s proactive approach aims to safeguard consumers, curb financial crimes, and promote financial inclusion, aligning with global trends in cryptocurrency governance.
Ghana’s move reflects a broader shift across Sub-Saharan Africa, where economic instability has driven grassroots adoption of digital currencies. According to Chainalysis’ 2024 Global Crypto Adoption Index, Ghana ranks 29th globally, with countries like Nigeria (2nd), Kenya (21st), and South Africa (31st) also showing significant crypto activity. In Ghana, inflation peaked at 29.8% in June 2022—the highest in two decades—forcing many to turn to Bitcoin as a hedge against economic uncertainty. This trend mirrors Nigeria’s experience, where a 9% growth in crypto transaction volume highlights the region’s reliance on digital assets to address financial challenges.
The BoG’s regulatory efforts build on earlier groundwork. In August 2024, the bank introduced draft regulations for virtual assets, requiring Virtual Asset Service Providers (VASPs) to register and comply with strict standards. Commercial banks, however, are barred from directly engaging with virtual asset businesses to mitigate risks. The Securities and Exchange Commission (SEC) has also contributed, with Director-General Dr. James Klutse noting progress in establishing a crypto regulatory framework as early as March 2025. These steps mark a departure from the BoG’s 2018 stance, when it issued warnings about cryptocurrencies, which were not recognized as legal tender under Ghanaian law.
Dr. Asiama also highlighted the broader context of Africa’s economic positioning during the forum. He stressed the need for macroeconomic credibility and strategic autonomy to boost investor confidence and redefine the continent’s global economic role. Central banks across Africa are adopting reforms to enhance transparency and resilience, aiming to attract capital while managing vulnerabilities. Ghana’s crypto regulation is part of this strategy, positioning the country to harness the potential of digital assets while addressing associated risks.
As September 2025 approaches, Ghana’s regulatory framework could set a precedent for other African nations. With growing crypto adoption and economic pressures driving innovation, the BoG’s efforts may pave the way for a more inclusive and secure financial ecosystem, balancing technological advancement with stability.
