Ghana Moves to License and Regulate Crypto Platforms Amid Growing Adoption

Ghana’s central bank plans to finalize a comprehensive regulatory framework for crypto platforms and submit it to parliament by September 2025.

This marks a significant shift toward mainstream adoption of digital assets in West Africa’s second-largest economy.

According to a Bloomberg report, Bank of Ghana Governor Johnson Asiama announced the proposed legislation will enable the nation to license crypto platforms, boost cross-border trade, attract strategic investment, and collect crucial financial data currently missing from national accounts.

Ghana Crypto Adoption On The Rise

The move addresses widespread cryptocurrency usage among Ghana’s 33 million population, where approximately 3 million adults already use digital currencies.

The regulatory push comes as Ghana’s cedi has experienced extreme volatility, rising 48% over the past year to become the world’s best-performing currency after dropping 25% in the preceding 12 months.

Asiama acknowledged authorities are “actually late in the game” as many economic agents make payments in cryptocurrencies outside regulatory oversight.

Crypto transactions in Ghana totaled $3 billion between July 2023 and June 2024, according to data from the Web3 Africa Group.

The figure represents significant economic activity occurring beyond traditional banking systems, with 17% of Ghana’s adult population actively using virtual currencies for savings, remittances, and business transactions.

The regulatory framework aims to enhance monetary policy management and inflation control in the import-dependent nation.

With policy interest rates at 28% versus inflation at 13.7% in June, authorities are seeking better oversight of currency flows that affect the domestic financial system.

Ghana’s approach aligns with the broader African momentum toward crypto regulation, with Nigeria processing $59 billion in crypto volume during the same period, representing nearly half of sub-Saharan Africa’s total $125 billion.

Multiple international platforms are positioning themselves for expansion as regulatory clarity emerges across the continent.

International Players Rush to Capture African Market Share

UK-based exchange Blockchain.com announced plans to open Nigeria’s first major international crypto office this quarter, targeting Ghana, Kenya, and South Africa alongside Nigeria as regulatory frameworks develop.

CEO Peter Smith noted the strength of grassroots adoption across Africa, where per-capita cryptocurrency usage often exceeds that of Western countries.

Similarly, Visa partnered with Yellow Card Financial to launch stablecoin-powered payments across Africa, starting with an unnamed country in 2025.

Yellow Card operates across 20 African countries and has processed over $6 billion in transactions since launching Nigerian operations in 2019.

During the same time, Circle also announced a partnership with Onafriq, Africa’s largest payments network spanning 500 wallets and 200 million bank accounts across 40+ countries.

The initiative pilots USDC settlements to reduce cross-border payment costs and eliminate dependence on foreign intermediaries.

South Africa’s Financial Sector Conduct Authority has approved 59 crypto platform licenses by March 2024, with over 260 additional applications under review.

Kenya’s proposed Virtual Asset Service Providers Bill is considered the most progressive digital asset legislation on the continent.

Active stablecoin wallets surged 53% in the past year, reaching 30 million by February 2025.

Stablecoin supply jumped to $225 billion with monthly transfers exceeding $4.1 trillion, driven by both retail and institutional adoption.

Ghana Pioneers Digital Innovation Beyond Basic Regulation

Ghana became the first African country to release blockchain-based commemorative stamps in May 2024, launching 7,200 limited-edition NFT stamps priced at $18 each to celebrate the King’s Silver Jubilee.

The initiative integrated cultural heritage with blockchain technology, offering collectors proof of ownership and authenticity.

The central bank is simultaneously testing its own digital currency, the e-cedi, as part of its broader efforts to modernize the financial system.

Second Deputy Governor Elsie Addo Awadzi emphasized the importance of crypto regulation in bringing Ghana’s financial system into the digital age.

In sub-Saharan Africa, stablecoins now account for 43% of all cryptocurrency volume, with Nigeria receiving the largest volume of cryptocurrency over the past year.

Eighty-five percent of Nigerian transactions were under $1 million, showing widespread grassroots usage rather than institutional speculation.

The African crypto market is projected to generate over $2.9 billion in revenue by 2025, fueled by the continent’s young, tech-savvy population and pressing need for alternative financial tools amid currency instability and limited traditional banking access.

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