Cryptocurrency is legal in Ghana but operates in a regulatory gray area, with comprehensive legislation expected by December 2025. The Bank of Ghana clarified through Notice No. BG/GOV/SEC/2018/02 that digital currencies are not licensed under the Payments System Act and are not legal tender (1). Governor Johnson Asiama announced in October 2025 that a bill to regulate virtual assets is on its way to parliament, with the central bank aiming to have cryptocurrency regulations in place by year-end (2).
The Bank of Ghana issued Draft Guidelines on Digital Assets in August 2024, proposing a comprehensive regulatory framework for Virtual Asset Service Providers operating in the country. The guidelines require VASPs to register with either the Bank of Ghana or Securities and Exchange Commission depending on their specific product offerings, with failure to register within specified timelines resulting in illegal operating status (1). Enhanced Payment Service Providers and commercial banks may be permitted to process virtual asset transactions exclusively for registered VASPs, subject to prior authorization, though they would be prohibited from owning virtual assets or providing custodial services (1).
"Virtual assets are not considered legal tender in most jurisdictions, but they are used for a range of activities, including transactions and investments."
Ghana's cryptocurrency market has grown significantly, with approximately 3 million people representing 8.9% of the population using crypto in some form. The regulatory framework targets exchanges and platforms offering buying, selling, trading, and custody services of virtual assets, requiring comprehensive risk assessments aligned with global best practices including FATF's Travel Rule for transaction information sharing (1). Notice No. BG/GOV/SEC/2022/23 prohibiting banks and payment service providers from facilitating crypto asset transactions remains effective until formal regulatory guidelines are published (1).
Source:
https://www.bog.gov.gh/wp-content/uploads/2024/08/Draft-Guidelines-on-Digital-Assets.pdf
https://cointelegraph.com/news/ghana-targes-december-crypto-regulation-bill
Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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