Accra: Ghana will have a regulatory framework to guide cryptocurrency trading, effective September 2025, says Dr Johnson Pandit Asiama, Governor, Bank of Ghana (BoG). According to the Central Bank, digital assets, including cryptocurrency, are worth some US$100 in the country, but remained largely unregulated, indicating the Bank's resolve to act swiftly towards the regulations.
According to Ghana News Agency, Dr Asiama revealed the plans during a media engagement on the sidelines of the just-ended 2025 spring meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington DC, USA. He emphasized the need for legislation to be passed by the end of September to ensure the public is informed when the framework is ready to be implemented.
The proposed framework aims to provide licensing to companies, ensure tax compliance, and enhance transactional transparency for platforms operating in the country's digital finance space. It also focuses on ensuring consumer protection. Dr Asiama noted that some companies were operating in Ghana without proper regulatory oversight, which deprived the country of taxes and exposed customers to wrongdoings in cryptocurrency trading.
Citing an example, Dr Asiama mentioned that Binance has an office in Accra, yet there has been no regulatory engagement or tax contributions from the company. He highlighted the urgency of the situation, stating, "We are working with the Securities and Exchange Commission (SEC), and we will put the regulatory framework in place. That way, we bring visibility to what is going on. It's safer that way [and] more efficient."
With this development, Ghana would join Nigeria, South Africa, Kenya, and other African countries that have issued directives on the use, purchase, and transaction of cryptocurrencies. This move marks a key milestone in meeting the September 2025 deadline of the Inter-Governmental Action Group against Money Laundering in West Africa, for member states, including Ghana, to develop cryptocurrency oversight legislation.
Prior to this development, the Central Bank and SEC had issued several public notices clarifying that digital assets were neither recognized as legal tender nor regulated under Ghanaian law. However, in August 2024, the Bank introduced a draft regulation for digital assets, including cryptocurrency, recognizing their increased adoption for cross-border payments, crowdfunding, and remittances.