In a significant stride towards embracing cryptocurrency, Ghana’s central bank is gearing up to create a comprehensive regulatory framework aimed at guiding digital asset platforms. With plans to submit this legislation to parliament by September 2025, this move signals a pivotal shift in how digital currencies are perceived in West Africa’s second-largest economy. As reported by Bloomberg, Bank of Ghana Governor Johnson Asiama stated that the forthcoming regulations will not only legitimize crypto operations but also enhance cross-border trade, attract vital investments, and fill the gaps in essential financial data that are currently lacking from national accounts.
JUST IN: 🇬🇭 Ghana to officially license and regulate crypto platforms. BoG is finalising a regulatory framework to send to parliament by September. The proposed law will permit the use of crypto, promote cross-border trade, attract strategic investment, and collect financial data. pic.twitter.com/cYoENrV4X8— CediRates (@CediRates) July 24, 2025
This regulatory push comes at a time when cryptocurrency adoption is booming among Ghana’s population of 33 million people. Approximately three million adults are already engaging with digital currencies, a trend driven by the desire for more innovative financial solutions and economic participation. The urgent need for regulation is underscored by the recent turbulence in Ghana’s cedi, which skyrocketed 48% in value over the past year, marking it as the world’s best-performing currency after a previous plunge of 25%.
Asiama highlighted that Ghana is somewhat “late in the game,” as many businesses and individuals are already conducting transactions in cryptocurrency outside the parameters of regulatory oversight. Recent data from the Web3 Africa Group reveals that crypto transactions in Ghana amounted to a staggering $3 billion between July 2023 and June 2024, indicating robust economic activity outside the traditional banking framework. Notably, 17% of adults in Ghana are leveraging virtual currencies for purposes such as savings, remittances, and everyday business transactions.
This new regulatory framework is expected to improve monetary policy management and assist in controlling inflation in a country heavily reliant on imports. With the current policy interest rates at 28% compared to an inflation rate of 13.7% as of June, enhancing oversight of currency flows is essential for the stability of Ghana’s financial system. Ghana’s initiatives resonate with a broader trend across Africa, as other nations like Nigeria are also ramping up their crypto regulations—Nigeria alone accounted for $59 billion of the $125 billion in crypto activity across sub-Saharan Africa during the same timeframe.
As the regulatory landscape begins to take shape, numerous international crypto exchanges are positioning to tap into Africa’s burgeoning market. Blockchain.com, a prominent UK-based exchange, has announced its intention to launch Nigeria’s first major international crypto office, eyeing significant expansions into Ghana, Kenya, and South Africa as regulatory structures solidify across the continent.
🌍 https://t.co/tS5rnGl2nq Launches African Push in Nigeria, Ghana, opening Nigeria’s first major international crypto office this quarter. #Crypto #Africa https://t.co/cevOmmBjcI— Cryptonews.com (@cryptonews) May 27, 2025
CEO Peter Smith pointed out the remarkable grassroots adoption of cryptocurrency in Africa, where usage often eclipses that of many Western nations on a per-capita basis. In a similar vein, Visa has forged a partnership with Yellow Card Financial to introduce stablecoin-based payment solutions across Africa, starting with an undisclosed country in 2025. Yellow Card operates in over 20 African countries and has processed more than $6 billion in transactions since launching in Nigeria back in 2019. Meanwhile, Circle has teamed up with Onafriq, Africa’s largest payments network, to pioneer USDC settlements aimed at reducing cross-border payment costs and minimizing reliance on foreign intermediaries.
📃 South Africa’s Regulator Approves 59 Crypto Licences: Report South Africa’s regulator Financial Sector Conduct Authority (FSCA) has approved 59 operating licenses for cryptocurrency exchanges. #CryptoNews #news https://t.co/oWl9pKIYc4— Cryptonews.com (@cryptonews) March 14, 2024
Kenya’s forward-thinking legislation, the proposed Virtual Asset Service Providers Bill, is considered one of the most progressive on the continent, positioning it well in the competitive crypto landscape. As the volume of active stablecoin wallets surged by 53% to reach 30 million by February 2025, the availability of stablecoin supply ballooned to $225 billion, with monthly transfers surpassing $4.1 trillion—a clear indication of both retail and institutional interest.
Notably, Ghana is making waves beyond just regulation. In May 2024, Ghana became the first country in Africa to launch blockchain-based commemorative stamps, releasing 7,200 limited-edition NFT stamps priced at $18 each to celebrate the King’s Silver Jubilee. This innovative fusion of culture and technology offers collectors undeniable proof of ownership while embracing the digital revolution. Moreover, the central bank is exploring its own digital currency, the e-cedi, indicating its commitment to modernizing the national financial landscape. Second Deputy Governor Elsie Addo Awadzi underscored the importance of crypto regulation to keep Ghana’s financial system aligned with digital trends.
As we venture further into 2025, the prospects for the African crypto market look promising, with projections suggesting it could generate over $2.9 billion in revenue by the end of the year. This potential is fueled by a young, tech-savvy population eager for alternative financial pathways in light of currency fluctuations and inadequate access to traditional banking services. With Ghana leading the charge towards regulatory clarity, the future of cryptocurrency in the region seems not only bright but transformative.
To stay updated on the latest developments in cryptocurrency and blockchain technology, make sure to follow [CoinDesk](https://www.coindesk.com), [CryptoSlate](https://cryptoslate.com), and [Decrypt](https://decrypt.co).