In a most recent interview with Bloomberg, Johnson Asiama, the Governor of the Bank of Ghana, mentioned that the bank is already engaged in the process of finalizing a regulatory structure that is expected to be sent through the parliament of Ghana by September 2025.
It is noted that the Bank of Ghana is working on the finalization of a regulatory framework to be submitted to parliament by September, aimed at licensing cryptocurrency platforms and Virtual Assets Service Providers (VASPs).
With this development, it is argued that the Bank of Ghana aims to capture revenue, enhance transparency, and regulate the growing digital asset sector.
Asiama highlights unregulated crypto transactions totalling $3 billion in Ghana from July 2023 to June 2024. With the licensing framework, the Bank of Ghana aims to address the growing number of illicit activities related to digital assets.
He argued while talking to Bloomberg that Ghana is already late in the game, and has implications for the local currency.
A few rough estimates note that around 18% of adults in Ghana own crypto, and from July 2023 to June 2024, total crypto transactions in Ghana were around $3 billion.
As per Bloomberg, the cedi has risen 48% over the past year, making it the world’s best among the units tracked by Bloomberg, recovering from a 25% drop in the preceding 12 months. The volatility makes it difficult for the monetary authority to manage inflation in an import-dependent nation.
How will crypto help Ghana and its economy?
Global economists and finance experts argue that, following the formation and implications of clear and structured rules for crypto, it is expected to empower the atmosphere of predictability and security, which will also empower investors and daily users.
As we all know, digital payments and mobile payments are changing the entire traditional finance ecosystem, and several nations have already enforced clear rules and regulations to avoid their citizens getting cheated, looted, or defrauded.
With the aim to prioritise the integrity of safe and secure crypto transactions, the nation is tackling the risk volatility, which is, majority of the time, linked with digital currency or cryptocurrencies.
As per WE estimates, the GDP of Ghana in 2024 was at $380 billion in Purchasing Power Parity terms and an initial estimate of $396 billion for the ongoing year.
