Ghana has officially embraced the use of cryptocurrency through the enactment of its Virtual Asset Service Providers Bill, 2025. The announcement was made by Dr. Johnson Asiamah, the Governor of the Bank of Ghana, in a blog post on Monday. As revealed, the law was enacted as part of the country’s efforts to tackle concerns over the expanding and unregulated use of alternative assets in West Africa.
As revealed, the law establishes a clear regulatory framework to supervise digital asset activities, addressing the risks and uncertainties that have long surrounded this rapidly evolving sector. It also provides authorities with the necessary tools to protect consumers and uphold financial stability.
More details on Ghana adoption of cryptocurrency
Sharing insights on the development, Dr. Asiama explained that firms operating within this sector will be required to obtain licenses, undergo supervision, and adhere to compliance standards. He emphasized that the law aims to curb fraud and financial crimes while fostering innovation and promoting greater financial inclusion. According to him, implementing strong regulations will help attract investors and fintech companies, ultimately diversifying Ghana’s economy.
Furthermore, Asiama highlighted that the law will bring emerging activities into transparent, accountable, and well-regulated boundaries. He noted that such regulatory oversight could reduce costs for banks, enhance customer experience, and support small and medium-sized enterprises and traders.
Over the last few years, various African countries have made either direct or indirect moves to regulate cryptocurrency. These countries have been implementing varied approaches ranging from strict control to fostering a regulated environment. Notably, several countries including Ghana, Kenya, Morocco, Rwanda, South Africa, Tunisia are researching or developing Central Bank Digital Currencies, signaling future digital currency integration.
Like others, Ghana has also joined these other African nations in formalizing crypto oversight. According to Web3 Africa Group, Ghana’s crypto transactions reached $3 billion in June 2024.
In Nigeria, another West African country, the total hit approximately $59 billion in the same period. Additionally, Kenya has taken steps to regulate Bitcoin and other cryptocurrencies, establishing clear operational guidelines for exchanges within the country. As reports indicate, in October 2025, Kenyan President William Ruto signed the Virtual Asset Service Providers (VASP) Act into law.
Read More: