Ghana has set a deadline of December 2025 for implementing cryptocurrency regulations, despite the lack of an enforcement team. The Bank of Ghana aims to create a framework for digital currencies by year’s end, as 3 million Ghanaians actively utilize cryptocurrencies for payments, savings, and remittances. However, this timeline raises concerns, especially with the lack of dedicated staff to enforce these rules.
A surge in cryptocurrency usage has driven over $3 billion in transactions within Ghana since July 2023 through June 2024, highlighting a shift towards digital finance. Dr. Johnson Asiama, Governor of the Bank of Ghana, announced this regulatory push during the International Monetary Fund’s fall meetings. He revealed that a new virtual assets bill will be presented to Parliament before the end of the year.
A dedicated enforcement department is being formed to oversee crypto activities. This includes recruitment and training for technical staff. The goal is to establish a specialized unit to monitor digital transactions, safeguard against financial instability, and better control money flows.
While this move marks a significant step toward regulating cryptocurrencies in Ghana, concerns persist regarding the capacity of institutions to enforce these rules effectively. The Bank of Ghana’s plan follows regional trends towards formal crypto oversight, with countries like Kenya and South Africa taking similar measures to regulate digital currencies.
Ghana’s ambitious timeline for cryptocurrency regulation highlights the increasing demand for clarity and transparency in the rapidly developing digital economy. However, the lack of an active enforcement team raises doubts about the practicality of enforcing these regulations on time.