Ghana has officially entered a new phase in its digital asset policy by legalizing cryptocurrency trading and signaling its intention to explore the issuance of gold-backed stablecoins. This move is considered a significant turning point, positioning Ghana as one of the African countries with the clearest and most open legal frameworks for the crypto sector.
On December 23, the Ghanaian Parliament passed the Virtual Asset Service Providers Act. According to the act, any individual or organization engaged in business activities related to digital assets, including exchanges, custodians, payment intermediaries, or blockchain service platforms, must register and be supervised by the Central Bank of Ghana or the Securities Commission, depending on the specific nature of their activities. This mechanism aims to bring the entire crypto market under a more unified, responsible, and transparent regulatory framework.
Ghana Central Bank Governor Johnson Asiama stated that the new law lays the foundation for comprehensive licensing and regulation of the virtual asset industry, ensuring that emerging activities operate in a clearly governed and risk-controlled environment. He previously emphasized that the passage of the law means people will no longer be arrested simply for trading cryptocurrencies, a controversial issue given the rapid growth of crypto compared to the legal framework. According to Asiama, the core objective of the new policy is not prohibition, but rather effective management of risks related to money laundering, fraud, and financial stability, while simultaneously exploiting the economic benefits offered by blockchain technology.
Recent figures show that the popularity of cryptocurrencies in Ghana has reached a significant scale. Between July 2023 and June 2024, the country recorded approximately $3 billion in crypto transactions. An estimated 17% of Ghana's adult population has used or held digital assets, reflecting the real market demand and the reason why the government can no longer remain on the sidelines. With many African currencies facing inflationary pressures and exchange rate volatility, crypto is increasingly XEM as an alternative tool for storing value and transferring money across borders.
