Crypto news

Ghana’s Crypto Adventure: Are They Finally Joining the Party?

BBG News

Ah, Ghana! A country famous for its jollof rice, vibrant culture, and now—hold on to your hats—an impending licensing scheme for crypto platforms! Yes, it seems the West African nation has decided to dip its toes into the turbulent waters of the digital dollar, hoping to snag some much-needed revenue from the ever-growing web3 party. But will this be a splash or a belly flop? 🤔

  • The central bank is reportedly busy crafting a legal framework, likely in between spoonfuls of fufu, to regulate all things digital asset-related.
  • It appears that many entrepreneurial spirits in Ghana have already started utilizing cryptocurrency for their daily transactions, showing a level of enthusiasm that might rival any local football match!

In a conversation that I can only assume took place over potent palm wine, the Governor of the Bank of Ghana, Johnson Asiama, revealed that they’re nearly ready to trot out a regulatory framework for Parliament by September. This revelation begs the question: how much regulation do you need to make something more virtual?

Asiama contends that the intention behind this proposed law is to bring a little “proper paperwork” into the chaotic world of digital assets. The hope is that it will boost cross-border trade, rake in financial data, and kick-off some form of investment in web3. In other words, they’d like to stop missing out while the rest of the continent parties with its wallets full of crypto! 🕺💰

“We are actually late in the game, it has implications for the local currency,” said Asiama, almost sounding like a parent lamenting their teenager’s poor taste in music. Apparently, a significant portion of Ghanaians are already dancing to the Bitcoin beat, which has left their fiat currency feeling a tad neglected.

Bloomberg reports that the wily cedi has improved by 48% over the past year, effectively doing a double backflip from a 25% drop just the year before. Who knew foreign currencies could have such a dramatic story arc? 🎢

But the big question remains: just how many locals are actually swapping cedis for crypto? This remains a mystery, as they haven’t quite established a framework for tracking such shenanigans. It’s kind of like trying to chase down a mischievous goat in the marketplace—you’re likely to lose track somewhere along the way!

According to the Web3 African Group, crypto transactions in the country from July 2023 to June 2024 totaled about $3 billion. Well, that’s quite a chunk of change! Yet, it does make Ghana look a bit like the kid at the candy store compared to Nigeria, who raked in a staggering $59 billion! Talk about sibling rivalry! 🍬

Ghana Climbing the Crypto Ladder: Catching Up to South Africa

Now, South Africa holds the title for being the only African nation with a formal licensing process for crypto firms. Meanwhile, other countries are still figuring out what this whole “cryptocurrency” thing is, much like trying to understand why anyone would willingly eat a durian.

As of December 2024, the FSCA reports that South Africa has successfully licensed a whopping 248 Crypto Asset Service Providers. And get this, they have an additional 56 applications still under review. It’s like the bureaucratic version of a waiting list at a trendy restaurant!

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2025-07-24 14:32

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