Ghana's central bank, the Bank of Ghana (BoG), is rapidly advancing legislation to regulate the cryptocurrency sector, aiming to have rules in place by December 2025. This effort follows closely behind Kenya, which recently passed its own bill regulating virtual asset service providers (VASP).
Speaking at the International Monetary Fund’s meetings, BoG Governor Johnson Asiama announced that a bill is on its way to parliament. He noted the extensive work done over the previous four months to establish a regulatory environment.
The move comes as crypto adoption grows significantly in Ghana, with estimates suggesting that over 3 million people (around 8.9% of the population) already use cryptocurrencies. Governor Asiama stated that this growing usage meant the bank "could not leave it" and had to step in to regulate the industry to "prevent abuse of the system."
Asiama stressed that establishing the laws is just the first step. The key challenge ahead will be the "ability to monitor" crypto flows. To address this, the BoG is developing expertise, training staff, and establishing a new department dedicated to this task.
The central bank had previously set a September deadline and issued draft guidelines in August 2024. While initially adopting a cautious stance and warning the public about cryptocurrencies not being legal tender, the BoG is now moving to regulate the space. They are also currently running a digital sandbox environment for select companies to experiment with crypto.
The push for regulation is fueled by concerns that Ghana risks being outpaced by regional neighbors. Isaac Simpson, a senior head at Stanbic Bank Ghana, warned in July that countries like Nigeria, Kenya, South Africa, and Rwanda are "miles ahead," actively piloting Central Bank Digital Currencies (CBDCs), launching regulated exchanges, and attracting global capital.
Simpson argued that Ghana's "inaction is costing us, loss of tax revenue, exposure to illicit capital flows, stifled innovation and an unregulated youth-led digital economy outside state control." The BoG's current legislative effort seeks to address these risks and bring the growing digital economy under control.
October 2025, Cryptoniteuae