Ghana Plans Crypto Firm Licensing in Response to Growing Demand: Bloomberg

Ghana is about to start licensing cryptocurrency platforms in response to a surge in demand for digital property in the West African nation, Bloomberg reported on Thursday.

The nation's central financial institution is finalizing a regulatory approval to submit to parliament by September, in accordance to the report, citing an interview with Bank of Ghana Governor Johnson Asiama.

The hope is that regulating the crypto sector will assist the Ghana seize income and higher management its fiat foreign money. The cedi has grown over 40% towards the U.S. greenback in 2025, serving to it recuperate from a lack of almost 20% final yr. This volatility has made it tough for the central financial institution to handle inflation.

The use of cryptocurrency can exacerbate this drawback as many brokers are making and receiving crypto funds which aren’t being captured in the nation's monetary accounts, Asiama added.

Around 17.3% of Ghanian adults personal cryptocurrency, equal to simply over 3 million individuals, in accordance to a June 2024 report by Middle East-based enterprise information agency Zawya.

Crypto transactions in Ghana in 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 govt officer at Web3 Africa Group, in accordance to Bloomberg's report.