By Gloria Nosa
Ghana’s Parliament has passed a landmark law legalising and regulating cryptocurrency activities in the country, marking a significant shift in its approach to digital finance.
The new legislation, known as the Virtual Asset Service Providers Bill, establishes a legal framework for the operation of cryptocurrency platforms and related services. It introduces licensing requirements and places digital asset activities under formal regulatory oversight.
The move follows growing concerns from the Bank of Ghana over the rapid and largely unregulated adoption of cryptocurrencies nationwide. Estimates suggest that nearly three million Ghanaians—about 17 percent of the adult population—are actively involved in crypto transactions.
Governor of the Bank of Ghana, Johnson Asiama, said the new law is designed to bring order and accountability to the fast-expanding sector.
“This legislation ensures that emerging activity is brought within clear, accountable, and well-governed boundaries,” Asiama said.
He added that proper regulation of digital assets would help reduce operational costs for banks, improve customer experience, and provide stronger support for small and medium-sized enterprises as well as informal traders.
Data indicates that cryptocurrency transactions in Ghana reached approximately $3 billion by mid-2024. By comparison, Nigeria recorded about $59 billion in crypto transactions during the same period, underscoring West Africa’s growing role in the global digital asset economy.
Commenting on the broader regional trend, Nigeria’s Securities and Exchange Commission Director-General, Dr. Emomotimi Agama, previously noted that the surge in cryptocurrency use reflects increasing financial sophistication among investors, even as less than four percent of Nigerian adults participate in the traditional capital market.
Ghana’s new law is expected to boost investor confidence, curb illicit activities, and position the country as one of Africa’s more regulated and crypto-friendly economies.
