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Ghana\u2019s central bank aims to have crypto regulations in place by the end of the year, with the West African country advancing a bill to parliament just a week after Kenya passed its own bill regulating the industry. <\/p>\n
Johnson Asiama, the governor of the Bank of Ghana (BoG), said<\/a> at the International Monetary Fund\u2019s meetings in Washington on Thursday that the country had \u201cdone a lot of work in the past four months to put together the regulatory environment,\u201d and create legislation.\u00a0\u00a0<\/p>\n \u201cThat bill is on its way to parliament, hopefully before the end of December, we should be able to regulate cryptocurrencies in Ghana,\u201d he said.<\/p>\n Earlier this month, Kenya\u2019s virtual asset service providers (VASP) bill passed through the country\u2019s parliament on Oct. 7<\/a>, establishing licensing, consumer protections, and a framework for exchanges, brokers, wallet operators and token issuers.<\/p>\n Previously, BoG set a deadline of September for crypto regulations. The bank also issued draft guidelines in August 2024<\/a>, while seeking additional public feedback.\u00a0<\/p>\n Asiama said the laws are only the first part of the process, because \u201cthe ability to monitor,\u201d crypto flows \u201cwill be key.\u201d\u00a0<\/p>\n \u201cTherefore, we are developing the expertise, we are developing the manpower. We are putting together a new department that will help us. It is an important area. We can no longer ignore it, and we\u2019re trying very hard to be able to regulate that.\u201d\u00a0<\/p><\/blockquote>\n The BoG initially adopted<\/a> a cautious stance toward cryptocurrencies, warning the public that they were not legal tender and advising people to use money backed by the central bank.\u00a0<\/p>\n Even without regulations in place, the online data and statistics platform Demandsage estimates<\/a> that over 3 million people in Ghana, representing roughly 8.9% of the country\u2019s 34 million population, use crypto in some form.<\/p>\n <\/p>\n Asiama said the growing usage meant they \u201ccould not leave it,\u201d and had to step up to regulate the industry, and \u201cas policy makers, what we have to do is to try to have some control so as to prevent abuse of the system.\u201d\u00a0<\/p>\n As part of the BoG\u2019s ongoing efforts, it\u2019s also running a digital sandbox environment, allowing a select number of companies to experiment with cryptocurrency.\u00a0<\/p>\n Related: <\/strong><\/em>Ripple taps Absa to bring bank-grade crypto custody to South Africa<\/strong><\/em><\/a><\/p>\n Isaac Simpson, the senior head of financial advisory and\u00a0equity capital markets at Stanbic Bank Ghana, said<\/a> in July that the \u201cdigital train has left the station,\u201d and Ghana needs to move forward with regulations or risk being left behind<\/a>.<\/p>\n \u201cNigeria, Kenya, South Africa, and Rwanda are already miles ahead \u2014piloting CBDCs, launching regulated crypto exchanges, issuing digital asset licenses, and attracting global crypto capital. Ghana has a choice: lead or be disrupted,\u201d he said.<\/p>\n \u201cInaction is a policy. And currently, our inaction is costing us, loss of tax revenue, exposure to illicit capital flows, stifled innovation and an unregulated youth-led digital economy outside state control.\u201d<\/p><\/blockquote>\nCrypto laws are only the first step<\/h2>\n
Ghana\u2019s crypto demand is growing<\/h2>\n
Regulate crypto or risk falling behind<\/h2>\n