A law has been passed in Ghana permitting the use of cryptocurrency.
3 million Ghanaians use the currency, which was previously unregulated by the country, according to Bloomberg. Between July 2023 and June 2024, cryptocurrency transactions in Ghana reached $3 billion, Del Titus Bawuah, chief executive officer of Web3 Africa Group, said, per the outlet.
“It is in the interest of African authorities to mainstream cryptocurrency into their financial system for better oversight,” Bawuah explained, according to the outlet. “Clearly, data supports that companies and citizens heavily use virtual currencies.”
Bank of Ghana Governor Johnson Asiama commented:
“We are actually late in the game. Many of the country’s economic agents make and receive payments in cryptocurrencies, but they are not being captured in the nation’s financial accounts because of the absence of regulatory oversight.”
The law will ensure “emerging activity is brought within clear, accountable, and well-governed boundaries,” he said. Additionally, regulatory oversight will “lower costs for banks, improve customer experience, support small and medium-sized enterprises and traders,” he added, according to the outlet. Experts anticipate that crypto use could also help boost intra-African trade.
Kimani said this will better position Kenya to combat anti-money laundering and terrorism financing and “most importantly, open an avenue for job creation in having other institutions engaged in virtual assets to come and set up in Kenya and expand to the rest of Africa.”
