Ghana ranks 9th in crypto adoption in 2025, with 17% of adults owning cryptocurrency. Regulatory changes by the Bank of Ghana have spurred this growth, despite previous restrictions. With a new framework for virtual asset service providers (VASPs), the industry is on the rise, driven by improved customer experiences and security concerns, though entry barriers may persist.
In 2025, Ghana has emerged prominently in the crypto landscape, achieving 9th place among 27 nations in a recent Zawya study regarding crypto adoption. Approximately 17% of the country’s adult population is reported to own cryptocurrencies, surpassing notable countries such as the United Kingdom and Japan. The increase in adoption can be attributed to various factors, particularly favorable regulatory changes that have encouraged investor interest in the market.
Despite the Bank of Ghana (BoG) imposing a ban on crypto activities by financial institutions in 2022, the country has witnessed a notable rise in cryptocurrency usage. In 2023, the Minister of Finance reaffirmed a stringent approach towards digital currencies until appropriate regulations were established. By August 2023, the BoG initiated a draft guideline for crypto regulation, marking a significant step towards clearer regulations in the sector.
The guidelines drawn from the Financial Action Task Force (FATF) recommendations include provisions requiring local banks to limit their activities to licensed virtual asset service providers (VASPs). These VASPs must implement stringent know-your-customer (KYC) protocols, comply with the FATF’s Travel Rule, and must possess authorization to operate in Ghana from either the BoG or the Securities Exchange Commission (SEC).
Alongside regulating crypto assets, the BoG is investigating the potential for cryptocurrencies in various sectors, with plans to launch a central bank digital currency (CBDC) called the eCedi. Although the stringent regulations may initially deter some investors, they are likely to enhance overall investor confidence by promoting accountability and trust within the sector.
Customer experience also plays a pivotal role in the increase of crypto adoption. Enhanced customer experience correlates directly to improved customer loyalty, as reported by SupperOffice CRM. In Ghana, businesses seeking to enhance their customer relevancy may leverage cryptocurrencies for instant payments, appealing to the 78% of consumers who value real-time payment capabilities as part of their experience.
Moreover, cryptocurrencies typically incur lower transaction costs due to the elimination of intermediaries. Technologies like Solana, capable of handling up to 65,000 transactions per second, provide scalable solutions suited for large businesses, particularly during high-demand periods.
Security concerns are increasingly pressing, especially as cyber-attacks rise, with traditional financial systems vulnerable due to their centralized nature. Cryptocurrencies, through their decentralized structures and immutable transaction records, offer enhanced security. This aspect may encourage more Ghanaian enterprises to adopt crypto solutions as they aim to bolster their online safety measures.
Consequently, the expectation for increased crypto usage in Ghana is justified. With the BoG’s commitment to regulating the industry, investor confidence is likely to improve, thus facilitating greater participation in crypto markets. Nevertheless, it is important to acknowledge that while regulations may pose entry challenges, the appealing features of cryptocurrencies, including security and transaction efficiency, could further drive their adoption within the nation. Observers should monitor developments not only throughout 2025 but also in the forthcoming years.
In conclusion, Ghana’s crypto industry in 2025 is characterized by significant growth and increasing adoption among its populace. Regulatory frameworks established by the Bank of Ghana are poised to bolster investor confidence, while customer experience and security concerns propel businesses toward crypto integration. Challenges remain, particularly regarding entry barriers; however, the robust advantages of cryptocurrencies suggest a promising future for the sector. Monitoring the landscape will be essential as the situation evolves in the coming years.
Original Source: www.ghanaweb.com
