Ghana's central bank, the Bank of Ghana, plans to introduce comprehensive cryptocurrency regulations by the end of 2025, with a bill expected to be submitted to parliament before December. Governor Johnson Asiama announced this during the International Monetary Fund meetings in Washington, stating that the bank has been working on the draft for the past four months.
Asiama emphasized the importance of regulating the crypto sector, noting that over 3 million people in Ghana, approximately 8.9% of the population, have engaged with cryptocurrencies. This growth is driven by a tech-savvy population, widespread internet access, and economic challenges that push residents towards alternative assets like Bitcoin as a hedge against inflation.
The central bank is establishing a new department to oversee the crypto industry and developing expertise and manpower to monitor crypto flows effectively. "We can no longer ignore it, and we're trying very hard to be able to regulate that," Asiama said. Additionally, the Bank of Ghana has launched a digital sandbox to allow select crypto firms to experiment under regulatory oversight.
This move comes after initial draft guidelines were introduced in 2024, with regulations originally slated for September 2025. Ghana joins other African nations such as Kenya, Nigeria, and Namibia, which have recently formalized their own crypto frameworks to attract investment and ensure consumer protection.
BNB
ETH
SOL
USDC
FIL
XTZ
NEAR