Ghana is gearing up to introduce its first comprehensive regulatory framework for cryptocurrency, as usage of digital assets within the country has exploded to $3 billion. The Bank of Ghana (BoG) plans to present a bill to parliament in September, aimed at formalising the role of crypto in the national economy.

BoG Governor Johnson Asiama said the primary objective is to integrate virtual currencies into Ghana’s formal financial system. This move, he noted, would enhance economic transparency, improve data collection, attract foreign investment, and contribute to public revenue through taxation.

While digital assets are already widely used by Ghanaians for payments and remittances, these transactions remain largely off the radar of regulators. “We are playing catch-up,” Asiama admitted, “but it is now critical to bring crypto into the mainstream.”

New Framework to Enforce Standards and Ensure Stability

The upcoming legislation will focus on setting operational guidelines for digital asset exchanges, establishing tax and reporting obligations, and ensuring robust consumer protection measures. It will also grant the BoG greater authority to oversee crypto platforms, helping to tackle issues like money laundering, illicit finance, and cross-border fraud.

Officials believe that regulating the crypto sector will also help stabilise the volatile Ghanaian cedi. Though the cedi appreciated by 48% over the past year, this came on the heels of a 25% decline the previous year, an extreme swing that challenges monetary policy planning.

By tracking capital inflows and outflows through cryptocurrencies, the central bank hopes to gain better control over inflation and currency movements. “Crypto transactions impact the cedi, but much of it is invisible in our current economic data,” said Asiama.

Crypto as a Tool for Economic Inclusion

Ghana’s interest in regulation mirrors a broader trend across Africa, where crypto adoption has surged in response to unstable currencies and limited access to global financial systems. In Ghana alone, about 3 million adults, roughly 17% of the population use cryptocurrencies, according to Del Titus Bawuah, CEO of Web3 Africa Group.

Users in Ghana increasingly rely on digital assets not just for investment, paying for services, sending money, and operating small businesses. Bawuah noted, “Crypto has gone mainstream. It’s no longer just tech-savvy youth, everyone is using it.”

Between July 2023 and June 2024, Ghana saw $3 billion worth of crypto transactions, while Nigeria led the region with $59 billion in the same period. Together, they represent a significant portion of sub-Saharan Africa’s $125 billion crypto activity.

Why Ghanaians Are Turning to Crypto

Observers attribute the crypto boom to several factors: distrust in traditional banks, difficulty accessing U.S. dollars, and high barriers in cross-border trade. Cryptocurrencies offer a workaround for these challenges, particularly for small businesses involved in regional commerce.

Craig Stoehr, general counsel at Yellow Card believes crypto can help African businesses bypass complex and costly currency exchange systems. “Crypto is a tool for economic empowerment and frictionless trade,” he said.

Ghana’s push for regulation signals a turning point. By bringing digital assets under legal oversight, the country hopes to secure long-term financial stability, improve fiscal transparency, and ensure that one of its fastest-growing sectors is not left in the shadows.

The proposed bill in September could lay the groundwork for a new era in Ghanaian finance, one that bridges traditional monetary systems with the decentralised innovations reshaping global economies.