Ghana is about to start licensing cryptocurrency platforms in response to a surge in demand for digital property within the West African nation, Bloomberg reported on Thursday.
The nation's central financial institution is finalizing a regulatory approval to undergo parliament by September, in accordance with the report, citing an interview with Financial institution of Ghana Governor Johnson Asiama.
The hope is that regulating the crypto sector will assist the Ghana seize income and higher management its fiat forex. The cedi has grown over 40% towards the U.S. greenback in 2025, serving to it recuperate from a lack of practically 20% final yr. This volatility has made it troublesome for the central financial institution to handle inflation.
The usage of cryptocurrency can exacerbate this drawback as many brokers are making and receiving crypto funds which aren’t being captured within the nation's monetary accounts, Asiama added.
Round 17.3% of Ghanian adults personal cryptocurrency, equal to simply over 3 million individuals, in accordance with a June 2024 report by Center East-based enterprise information agency Zawya.
Crypto transactions in Ghana within the 12 months to June 2024 totaled $3 billion out of a complete $125 billion for the entire of sub-Saharan Africa, stated Del Titus Bawuah, chief government officer at Web3 Africa Group, in accordance with Bloomberg's report.
