Ghana Legalizes Cryptocurrency Trading with New Regulatory Law
Ghana's Parliament has passed the Virtual Asset Service Providers Bill into law, formalizing the trading of cryptocurrencies within the country. Bank of Ghana Governor Johnson Asiama announced on December 19 at the Nine Lessons event in Accra that virtual asset trading is now lawful, although this does not equate to an unrestricted endorsement of the industry.
The new legislation grants the Bank of Ghana direct oversight to license, supervise, and monitor Virtual Asset Service Providers (VASPs), emphasizing transparency, accountability, and consumer protection. This regulatory framework aims to manage risks previously unregulated in the sector, such as fraud, money laundering, and threats to financial stability.
Approximately 3 million adults in Ghana, representing about 17% of the population, are already engaged in digital currency use. From July 2023 to June 2024, roughly $3 billion in crypto transactions were recorded, a significant portion of activity occurring outside traditional banking systems. According to the Chainalysis 2025 Geography of Cryptocurrency Report, Ghana ranks among the top five countries in Sub-Saharan Africa for total crypto value received during the July 2024 to June 2025 period.
The move to regulate cryptocurrency is motivated in part by macroeconomic pressures, including volatile local currency (cedi) movements, high interest rates near 28%, and inflation around 13.7% as of mid-2025. This reform aligns with broader trends across Africa, where countries like South Africa have licensed numerous platforms, and Kenya awaits presidential approval of its own Virtual Asset Service Providers Bill.
Despite the legalization and regulatory reforms, Ghana continues to face significant economic challenges, with local poverty estimates exceeding 30%. Further amendments to the Bank of Ghana Act are intended to strengthen governance and help prevent financial crises similar to the 2022 debt situation.
