Ghana’s delay towards a cryptocurrency regime: the good and the bad

Ghana is strategically diving into the cryptocurrency wave.

As digital currencies gain momentum across Africa, Ghanaians increasingly engage in the sector, exploring new avenues for financial empowerment.

Each transaction represents a significant step toward greater economic freedom while showcasing Ghana’s distinct presence in the global digital economy.

Across the continent, Nigeria boasts over $400 million in monthly cryptocurrency transactions, while Kenya’s blockchain startups are reshaping fintech. Yet in Ghana, despite its reputation as a regional innovator, cryptocurrency adoption remains in limbo.

A Digital Frontier: What’s at Stake?

Imagine an economy without borders, queues, or exorbitant fees. This is the promise of cryptocurrency, particularly for countries like Ghana, where 30% of the population remains unbanked. Blockchain technology has the potential to connect rural communities, bypass traditional banking barriers, and unlock access to global financial systems.

“Cryptocurrency is not just about making quick money,” explains Mr. Banks Tips, a Nigerian entrepreneur who uses Bitcoin to receive payments from international clients. “It’s about rewriting the rules of economic participation.”

Africa’s Crypto Momentum

While Ghana hesitates, other African nations are taking bold steps to embrace the digital economy. In 2021, Nigeria launched the e-Naira, Africa’s first Central Bank Digital Currency (CBDC), and introduced regulatory frameworks for crypto exchanges. Kenya, home to a vibrant tech scene, has leveraged blockchain to enable smoother financial transactions and promote innovation. South Africa, meanwhile, has declared cryptocurrencies as financial assets, bringing them under the purview of regulators to protect investors and combat fraud.

These initiatives are not without challenges. Concerns about market volatility, fraud, and monetary policy persist. However, the benefits—ranging from financial inclusion to attracting foreign investments—far outweigh the risks. Ghana’s reluctance to join this wave threatens to leave the country behind in an increasingly digital world.

Why Regulation Matters

For cryptocurrencies to thrive in Ghana, regulation is essential. Currently, digital currencies operate in a legal grey area, leaving users vulnerable to scams and unregulated platforms.

The Bank of Ghana has issued warnings about the risks associated with cryptocurrencies, citing concerns over consumer protection and financial stability. But experts argue that regulation, rather than outright caution, is the way forward.

“Countries like Nigeria and Kenya have shown that regulation doesn’t mean stifling innovation,” says financial analyst Kwame Ofori.

“It means creating a structured environment where technology can flourish safely.”

Opportunities in Regulation

According to Richard Nunekpeku, Managing Partner at Sustineri Attorneys PRUC, a balanced regulatory framework could unlock numerous benefits for Ghana. He believes cryptocurrencies could be a gateway for the unbanked population to access digital financial services.

“With over $4 billion in annual remittances, Ghana’s diaspora could save millions in transfer fees by adopting crypto solutions.”

He added that regulation could attract blockchain investments, spurring job creation and fostering a thriving fintech ecosystem.

“Stablecoins pegged to traditional currencies could facilitate cross-border transactions, reducing reliance on volatile fiat systems.”

Challenges to Overcome

Despite its potential, cryptocurrency adoption in Ghana faces significant hurdles.

Limited technological infrastructure coupled with regulatory uncertainty has stymied progress.

The Bank of Ghana’s cautious approach reflects legitimate concerns about fraud and monetary policy disruptions.

Additionally, the ongoing pilot of the e-Cedi—Ghana’s CBDC—suggests a focus on controlled digital innovation rather than embracing decentralised alternatives.

Unlike traditional bank accounts, cryptocurrency holdings are not typically insured by government-backed schemes, meaning losses due to theft or fraud may not be recoverable.

Moreover, the cryptocurrency market is less regulated than traditional financial markets, making it susceptible to manipulation, such as pump-and-dump schemes, where the price of a cryptocurrency is artificially inflated and then sold off.

The Human Algorithm

Banks, who worry about the lack of consumer protections, see regulation as a lifeline.

“If we had clear rules, more people would trust cryptocurrencies,” he says.

Beyond individuals, cryptocurrency offers a pathway to greater financial equity. Women entrepreneurs, often excluded from traditional banking systems, could access capital on their terms. Youth-led startups could bypass bureaucratic red tape.

The Road Ahead

Ghana stands at a crossroads. Embracing cryptocurrency and blockchain technology could position the country as a leader in Africa’s digital transformation.

However, a delay could see Ghana left behind as neighbouring countries forge ahead.

Ghana’s future is being coded in real time. Will we seize the opportunity, or let it slip through our fingers?

This report is produced under the DPI Africa Journalism Fellowship Programme of the Media Foundation for West Africa and Co-Develop.

Caleb Ahinakwah

The writer is a senior broadcast journalist at Asaase Radio and a DPI Fellow with the Media Foundation for West Africa.

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