Ghana prepares to regulate digital assets by September 2025

The move would mark the country’s first formal regulatory framework for virtual asset service providers (VASPs), establishing licencing requirements and bringing oversight responsibilities under the joint purview of the Bank of Ghana and the Securities and Exchange Commission. A representative from the Bank of Ghana noted during a panel at the African Leaders and Partners Forum, held alongside the IMF-World Bank Spring Meetings in Washington, that the legal foundation for the bank’s regulatory role depends on the passing of the Virtual Asset Providers Act. The proposed legislation outlines measures focused on consumer protection, financial stability, cybersecurity, and the integration of VASPs with traditional financial institutions. The Bank of Ghana also plans to create a dedicated unit to oversee the digital asset sector once the law is enacted. eCedi project progresses in parallel In addition to virtual asset regulation, Ghana is also moving forward with its central bank digital currency (CBDC), the eCedi. A Bank of Ghana official reaffirmed the institution’s intention to introduce the digital currency later this year, provided supporting legislation is passed. The official emphasised that digitalising payment systems remains a key objective, and that the eCedi pilot represents an effort to improve public financial infrastructure and promote access. Despite the absence of a regulatory framework so far, digital asset adoption has been growing steadily in Ghana. According to Coingeek citing a November 2024 survey, 3.1 million Ghanaians, roughly 17% of the population, own some form of digital asset. The country ranks fourth in Africa for interest in digital currencies, following Nigeria, South Africa, and Kenya, according to analytics from CoinGecko. The rise in adoption has been driven largely by Ghana’s younger population, which comprises more than half of the country’s residents under the age of 25. Many have turned to digital assets as a hedge amid economic challenges, including the weakening of the GHS. In 2024 alone, the national currency lost 19% of its value against the USD, including a 5.3% drop in March.