This post was published on September 27, 2025 and updated on October 6, 2025.
Summary
- Crypto adoption in Ghana has grown rapidly, particularly since 2024, reflecting a young, digital-savvy population looking for opportunities in a difficult economic environment.
- The authorities have historically taken a cautious approach but, swift growth in crypto adoption in an unregulated environment has resulted in a risky ecosystem with little consumer protection.
- In August 2024, the authorities announced plans to draw up a comprehensive regulatory framework for crypto platforms and virtual asset service providers (VASPs), due to be presented before parliament soon.
- For more stories about crypto adoption worldwide, check out our Crypto in Action pages.
Why crypto has become popular in Ghana
Crypto has quickly gained a foothold in Ghana. Just over 17% of the population – approximately 3 million people – are regular users of crypto in Ghana with transactions registering almost $3 billion. Popular coins include bitcoin, USDT and Ethereum, often traded on Binance and KuCoin. Three key elements have contributed to crypto’s rapid adoption during 2024 and 2025: economic circumstances, demographics, and wider adoption patterns in the region.
Economically, Ghana has been struggling with high levels of debt and inflation, problems with unemployment, and a fluctuating currency. The fiat, the cedi, depreciated approximately 25% during 2024 before appreciating by approximately 48% during 2025.
Demographically, the country has a young, relatively digitally savvy population. Mobile penetration and levels of internet usage are good. Digital take-up is strong and easy access to cryptocurrency platforms (typically via mobile apps and peer-to-peer networks) has been a contributory factor to adoption.
In sub-Saharan Africa, crypto adoption has been strong in the past year with Nigeria and South Africa taking the lead. This typically reflects domestic factors, but broadly, there is a large proportion of unbanked adults in the region, providing fertile ground for crypto – and DeFi – adoption. Additionally, there is also a wider sense that countries don’t want to be seen as lagging their neighbours in the sector’s development.
As a result, Ghana has emerged in the past year as one of the top-five crypto adopters in sub-Saharan Africa, alongside Ethiopia and Kenya.
The authorities’ attitude towards crypto
Until very recently, the authorities have been cautious on the question of crypto. The central bank – the Bank of Ghana (BoG) – has historically called on Ghanaians to avoid using crypto, but BoG Governor Johnson Asiama has admitted: “Crypto is a big thing in Ghana. We can pretend to look the other way, but the reality is that it’s happening.”
Currently, commercial banks and licensed financial institutions are prohibited from facilitating cryptocurrency transactions. As a result, the sector has grown informally. This has given rise to a risky environment characterized by scams, money laundering and a lack of oversight. A brazen example of the extent of the problem was the hacking of President John Mahama’s X account in March 2025, during which the perpetrators launched a fake crypto giveaway.
The authorities have said that their desire to effectively legalize the crypto sector reflects need. They want to better protect users and engender trust, stabilize the monetary system, and attract new, legitimate actors into the space.
The fact that the central bank has taken the lead underscores the monetary focus. The aim is that through regulation, the authorities can better capture payments (many crypto transactions are currently unaccounted for – and with this, untaxed – in Ghana’s financial accounts) and more adroitly control the fiat.
There’s also external pressure. Bodies like the Financial Action Task Force (FATF) are pushing many countries in the region to implement anti-money laundering legislation specifically for crypto platforms, or face the risk of being grey listed.
Legislative proposals get under way
Asiama has admitted that the authorities are “late in the game”. In August 2024, the BoG unveiled proposals, the regulatory approval of which is being finalized with the intention of submitting these to parliament soon. As of early October 2025, the VASP bill was expected before parliament.
According to the proposals, the framework: “may target exchanges and other platforms offering buying, selling, trading, and custody services of virtual assets. The framework will specify which asset types are covered and address interactions between regulated financial institutions and VASPs.”
Instead of one overarching set of proposals, the BoG envisages collaboration with the country’s other regulatory agencies to “develop and implement complementary frameworks” that align with each institution’s mandate.
Out of this and keeping in mind the need for regulatory clarity, the BoG has suggested that a comprehensive regulatory framework will evolve. At this stage, the BoG has only suggested what may feature, rather than provide any substantial details, but proposals include:
- Regulating VASPs, including ensuring that they follow customer due diligence and transaction monitoring, and follow money laundering (ML) and terrorism financing (TF) protocols.
- Ensure that VASPs conduct comprehensive risk assessments.
- Pursue collaboration between the central bank and SEC over the development of complementary regulatory frameworks designed to cover different applications for or use cases of digital assets.
- Possibly give permission for enhanced payment service providers (EPSPs) to process virtual asset transactions for registered VASPs with CoB authorization.
- Give permission for commercial banks to offer banking, payment and settlement services for registered VASPs.
- Underscore the need for VASPs to apply for authorization to operate in Ghana.
There is a realization that the BoG needs to work with the country’s other regulatory and financial authorities. In August 2025, the Virtual Assets Regulatory Office (VARO) was established within the central bank to oversee digital assets, and importantly, work alongside the Securities and Exchange Commission (SEC) and Ghana Revenue Authority. The BoG has also been keen to highlight that it has closely consulted with the Financial Intelligence Centre (FIC) and finance ministry in drawing up its proposals.
Some argue, however, that this doesn’t go far enough and that all of the country’s financial agencies – the CoB, SEC, Ghana Stock Exchange (GSE), Ghana Revenue Authority (GRA), Economic and Organised Crime Office (EOCO) and others – should be working in tandem on the crypto sector’s development because of its complexity and scale.
Clearly, the evolution of legislation is in its early stages. Among the elements that require attention are clear policy guidance, definitions and classification of assets, taxation, disclosure and transparency, and enforcement and penalties. Additionally, calls have been made for a crypto regulatory sandbox to test applications and solutions.
Timeline of regulation and crypto activity
2018 – In January, the BoG warned that crypto is not legal tender.
2019 – The Payment Systems and Services Act, 2019, is introduced to regulate payment systems, including e-money.
In November, the BoG announced its interest in a CBDC.
2021 – A pilot of the CBDC, the e-Cedi, is implemented in partnership with Giesecke+Devrient.
2022 – the BoG issued a specific warning about a new coin – the Freedom Coin – and reiterated that crypto is not legal tender.
2024 – In August, the BoG publishes its proposals for a legislative framework, titled the Virtual Assets Providers Act.
2025 – In August, VARO is established within the BoG to oversee digital assets.
The following month, the BoG set a deadline for all VASPs to register. The same month, the BoG had been set to bring its proposed act before parliament, but this got delayed into October.
Ghana at the start of a process
Ghana’s crypto sector is small but growing quickly, and certainly in need of regulation and oversight. Currently, the country lags behind the likes of Kenya, South Africa and Rwanda in terms of legislative development. The authorities are now being proactive and clearly keen to begin rolling out a framework, but have also said that they don’t want to over-regulate and stymie innovation. At this stage, however, the sector and its users need clear licensing requirements and a robust operational framework, greater levels of user education and safeguards against abuse.
