Isaac Simpson, Senior Vice President & Head – Financial Advisory & Equity Capital Markets, Corporate and Investment Banking, Stanbic Bank Ghana
“When technology outruns regulation, chaos is not a matter of if—but when.”
Ghana is standing at the edge of a seismic digital revolution. Beneath our everyday mobile money transactions and cedi fluctuations, a powerful force is gathering momentum – crypto currency adoption.
It is invisible, decentralised, and yet growing explosively. Ghanaians, particularly the youth, are trading Bitcoin, USDT, and Ethereum on platforms like Binance and KuCoin—often without KYC oversight, tax compliance, or consumer protection. Ghana ranks among the top African countries in crypto adoption per capita, yet the regulatory silence remains deafening.
This is not just a financial curiosity. This is a system being built outside the Ghanaian state, threatening to outpace—and potentially undermine—our monetary, capital market, and anti-crime institutions if not addressed with urgency and clarity.
The Unregulated Surge: A Digital Parallel Economy
In the absence of clear regulation, Ghana has become a fertile ground for informal crypto activity. Tens of millions of cedis flow monthly through crypto wallets, peer-to-peer (P2P) platforms, and foreign exchanges. Young people are hedging against cedi volatility with stablecoins, traders are circumventing FX controls via crypto remittances, Ponzi schemes are being masked as blockchain start-ups, and the informal crypto communities are growing with no accountability.
Until recently, the Bank of Ghana (BoG) had maintained a strictly cautionary stance, warning the public that cryptocurrencies were not legal tender. However, that posture is beginning to shift. The Governor of the BoG recently announced that the central bank is actively developing a regulatory framework for cryptocurrency. This move signals a clear evolution—from resistance to engagement—and reflects the BoG’s recognition that digital assets are not going away. Instead of banning or ignoring crypto, Ghana is now laying the groundwork to regulate it responsibly.
This shift is encouraging. But it cannot end with the BoG. If Ghana is serious about harnessing crypto’s potential while managing its risks, other critical institutions such as the Securities and Exchange Commission (SEC), the Ghana Stock Exchange (GSE), the Ghana Revenue Authority (GRA), EOCO, and others must urgently step into coordinated action. Regulation of this scale cannot be the work of one agency; it demands a whole-of-government response, one that aligns legal, financial, and technological safeguards into a single, coherent framework.
Moreover, in step with its forward-thinking approach, I believe the Bank of Ghana should explore the use of RippleNet, a blockchain-based financial infrastructure already adopted by Japan, the UAE, and under active consideration by the U.S. Federal Reserve and European Central Bank. Ripple enables real-time, low-cost cross-border settlements and integrates seamlessly with existing payment systems. If adopted in Ghana, Ripple could enhance the e-Cedi’s functionality, expand foreign exchange liquidity, and support the efficient repatriation of remittances. It would also signal that Ghana is not merely reacting to crypto trends—but leading in how sovereign digital payments infrastructure can evolve.
The Stakes: National Sovereignty, Financial Security, and Youth Opportunity
Make no mistake—this is not just about finance. It’s about who controls Ghana’s future economy.
If we fail to regulate, we risk losing control over monetary policy, tax revenue, and capital flows. Crypto could become a backdoor for illicit financing, money laundering, tax evasion, and speculative bubbles. Nonetheless, if we over-regulate or criminalise, we risk pushing innovation underground, suffocating legitimate startups, and alienating our tech-savvy youth who are already leapfrogging into decentralised finance (DeFi) and Web3.
The clock is ticking.
What Role Should Our Institutions Play?
The BoG recently disclosed that they are putting in place measures to get ahead of the crypto craze in Ghana. Ghana needs a coordinated, proactive, and innovation-friendly regulatory framework. Regulating cryptocurrencies is not the responsibility of only the BoG, but it is supposed to be regulated by a host of state regulatory actors. Here’s what each actor must do—and urgently.
For the Central Bank, it must issue clear policy guidance on the use, classification, and taxation of cryptocurrencies. It must establish a crypto regulatory sandbox for innovators to test solutions under supervision. Also, the bank needs to define the scope of interaction between traditional banks and crypto exchanges and accelerate the e-Cedi pilot with public feedback mechanisms to build trust and utility.
The Securities and Exchange Commission (SEC), on its part, must clarify whether cryptocurrencies are securities, commodities, or utility tokens under Ghanaian law and provide licenses and supervise crypto asset managers, exchanges, and tokenised investment platforms. The Commission also needs to enforce disclosure and transparency standards for token offerings, wallets, and DeFi projects and collaborate with the GSE to explore a tokenised securities exchange or blockchain-backed capital market infrastructure.
The role of the Ghana Stock Exchange (GSE) will include exploring listing frameworks for regulated digital assets, including tokenised commodities and stablecoins and building infrastructure for blockchain-based clearing and settlement to future-proof the exchange. Finally, GSE could partner with fintechs and custodians to provide safe, compliant access to digital asset exposure.
The Economic and Organised Crime Office (EOCO) should establish a dedicated Digital Asset Intelligence Unit focused on monitoring crypto-related financial crimes. Collaborating with global crypto forensic firms such as Chainalysis will be essential for tracing illicit on-chain activity. Additionally, EOCO must prioritise training for law enforcement officers and members of the judiciary in areas like crypto forensics, asset seizure procedures, and the legal admissibility of blockchain-based evidence.
The Ghana Revenue Authority (GRA) also has a crucial role to play. It should issue comprehensive tax guidance that addresses income from crypto trading, capital gains, mining, and staking activities. To enhance transparency and accountability, the GRA can require local exchanges and wallet providers to report customer transactions and income that exceed defined thresholds. Furthermore, crypto Know Your Customer (KYC) and Anti-Money Laundering (AML) standards should be integrated into the country’s digital tax filing infrastructure. A robust public education campaign will be vital to inform citizens of their tax obligations in the crypto space, ensuring voluntary compliance and broadening the national revenue base.
At the policy level, the Ministry of Finance must take the lead in developing a National Digital Asset Strategy that reflects Ghana’s vision for innovation, financial inclusion, and economic resilience. As part of this strategy, the government should establish an Inter-Agency Crypto Task Force comprising the Bank of Ghana (BoG), Securities and Exchange Commission (SEC), EOCO, Ghana Stock Exchange (GSE), Ministry of Finance (MoF), National Information Technology Agency (NITA), and the Attorney General’s Office. This task force would be responsible for proposing a comprehensive Crypto Assets Act that balances innovation with investor protection and national security. It should also introduce tax frameworks to govern capital gains arising from trading, staking, and mining digital assets.
Global Momentum – Ghana Cannot Wait
Nigeria, Kenya, South Africa, and Rwanda are already miles ahead—piloting CBDCs, launching regulated crypto exchanges, issuing digital asset licenses, and attracting global crypto capital. Ghana has a choice: lead or be disrupted.
Inaction is a policy. And currently, our inaction is costing us, loss of tax revenue, exposure to illicit capital flows, stifled innovation and an unregulated youth-led digital economy outside state control
A National Conversation is Urgently Needed
The debate is no longer “Should Ghana regulate crypto?” but rather, “How do we design a Ghanaian solution that unlocks value while protecting the nation?”
Let us not wait until the first billion-cedi crypto Ponzi collapses. Let us not wait until a major Ghanaian company starts issuing tokenised debt offshore because there is no domestic framework.
Let us not wait until we lose the next wave of fintech unicorns to Nigeria, Kenya, or Dubai.
The Future is Tokenised. The Time is Now.
Ghana must act—boldly, wisely, and collectively.
Let us craft a regulatory framework that safeguards national interests, nurtures innovation, and signals to the world that Ghana is ready for the digital economy of the 21st century.
Let the Bank of Ghana, SEC, GSE, EOCO, GRA and the Ministry of Finance step forward together.
The digital train has left the station. Will Ghana be on it?
Disclaimer
This article was authored by Isaac Simpson, CFA, Senior Vice President & Head of Financial Advisory (M&A) and Equity Capital Markets at Stanbic Bank Ghana. The views expressed are those of the author and are intended to stimulate thought and dialogue on capital markets development in Ghana. They do not constitute investment advice, nor do they necessarily reflect the official views or strategy of Stanbic Bank Ghana or its affiliates. Readers are advised to seek independent financial or legal advice before making investment decisions.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.