- Ghana plans to license crypto exchanges by September 2025, signalling a regulatory shift.
- Approximately 17% of Ghanaians currently hold cryptocurrency, prompting regulators to catch up.
- Draft legislation and Bank of Ghana guidelines aim to regulate and legitimise digital assets.
Ghana is joining a growing list of African nations formalising their stance on cryptocurrencies, as it prepares to begin licensing crypto exchanges by September 2025. This move positions Ghana alongside countries like Nigeria and South Africa, which have already taken steps to regulate the rapidly expanding digital asset space.
The Bank of Ghana is leading this regulatory shift. It has released an exposure draft outlining proposed guidelines for Virtual Asset Service Providers (VASPs), including licensing requirements, consumer protection measures, and anti-money laundering rules. In addition, Ghanaian lawmakers are currently reviewing a Virtual Asset Providers Act that will give legal backing to these guidelines.
Ghana, which once issued warnings against the use of cryptocurrencies, is now acknowledging the growing consumer interest and investment in the space. According to recent estimates, over three million Ghanaians, approximately 17% of the population, currently own or trade digital assets. This high level of participation has likely influenced the government’s decision to move from caution to active regulation.
Under the proposed guidelines, only registered exchanges and wallet providers will be allowed to operate, and these platforms will be required to maintain minimum capital thresholds, secure user funds, and report suspicious transactions. The draft rules also emphasise investor education and transparency, suggesting a focus on long-term market stability.
This policy direction mirrors a larger trend across the continent. Nigeria, after years of scepticism and even banking bans on crypto-related transactions, began issuing operational licences to crypto platforms like Quidax and Busha in 2024. South Africa’s Financial Sector Conduct Authority (FSCA) has already approved permits for over 75 crypto companies, including major players such as VALR.
Ghana’s shift is being watched closely across West Africa. As the country formalises its crypto market, it could become a regulatory benchmark for neighbouring economies grappling with similar issues of fintech innovation and risk management.
Ultimately, this transition from a hands-off approach to structured oversight could foster greater trust in Ghana’s crypto ecosystem. For users and startups alike, it signals that digital assets are no longer on the fringes of finance but are being integrated into the formal economic system.
