Ghana’s parliament has passed legislation legalizing cryptocurrency, marking a significant shift toward formal regulation of the country’s rapidly expanding digital asset ecosystem.
The new law, known as the Virtual Asset Service Providers (VASP) Bill, establishes a regulatory framework requiring cryptocurrency exchanges and related platforms to obtain licenses and operate under defined oversight.
The move follows sustained concerns from the Bank of Ghana about the scale of unregulated crypto activity nationwide.
According to official estimates, nearly three million Ghanaians—about 17 percent of the adult population—are already engaged in cryptocurrency transactions. In the absence of regulation, authorities have warned that such widespread adoption poses risks to consumer protection, financial stability, and anti-money laundering efforts.
Bank of Ghana Governor Johnson Asiama said the legislation is designed to bring digital assets “within clear, accountable, and well-governed boundaries.” He added that proper regulation would help integrate crypto-related activities into the broader financial system while minimizing systemic risks.
Asiama also noted that the framework could deliver tangible economic benefits, including lower operational costs for banks, improved customer experience, and enhanced support for small and medium-sized enterprises and informal traders who rely on digital payments.
Crypto transaction volumes in Ghana reportedly reached approximately $3 billion by June 2024, underscoring the market’s rapid growth.
By comparison, Nigeria recorded about $59 billion in cryptocurrency transactions over the same period, highlighting West Africa’s emergence as a major hub for digital asset adoption.
Commenting on the broader regional trend, Nigeria’s Securities and Exchange Commission Director-General, Dr. Emomotimi Agama, said in October that rising cryptocurrency activity reflects increasing financial sophistication among investors.
This is even though fewer than four percent of Nigerian adults currently participate in the traditional capital market.
With the passage of the VASP Bill, Ghana joins a growing list of African countries seeking to balance innovation with regulation as digital assets become more deeply embedded in everyday economic activity.
