Deborah Akinyosoye
Ghana’s parliament has legalized cryptocurrency, taking a major step toward regulating the fast-growing digital asset market.
The move responds to concerns from the Bank of Ghana over widespread, unregulated crypto use, with nearly 3 million Ghanaians, around 17% of adults, reportedly involved in transactions.
The Virtual Asset Service Providers Bill will allow licensing of crypto platforms and oversight of their activities.
Bank of Ghana Governor Johnson Asiama said the law will ensure that “emerging activity is brought within clear, accountable, and well-governed boundaries.”
He added that regulation will “lower costs for banks, improve customer experience, support small and medium-sized enterprises and traders.”
Crypto transactions in Ghana reached an estimated $3 billion through June 2024, while Nigeria recorded $59 billion in the same period.
Speaking in October, Nigeria’s SEC Director-General Dr. Emomotimi Agama noted that cryptocurrency activity highlights investors’ financial sophistication, even as fewer than four percent of adults participate in the traditional capital market.