Ghana has recorded more than $10 billion in cryptocurrency transactions as of November, underscoring the rapid growth and increasing relevance of virtual assets in the country, according to the Securities and Exchange Commission (SEC).
Speaking on JoyNews’ The Pulse on Tuesday, January 30, the Deputy Director-General of the SEC, Mensah Thompson, revealed that the figure covers both inbound and outbound transactions, highlighting Ghana’s growing exposure to cryptocurrencies.
“Last year alone, about $6 billion worth of crypto transactions took place. This year, as of November, we have crossed $10 billion. This is extremely significant and cannot be ignored,” he said.
The surge in cryptocurrency activity comes at a time when President John Dramani Mahama has signed the Virtual Asset Service Providers (VASP) Bill into law, officially bringing Ghana’s digital assets sector, including cryptocurrencies, under a regulated framework.
Mr Thompson explained that the scale of crypto usage forced policymakers to carefully consider the best approach—either imposing a ban or establishing a robust regulatory system.
“The country is overexposed to crypto assets. Rather than banning them, the government, working with the Bank of Ghana, the SEC and other stakeholders, chose regulation. This ensures visibility, oversight and the proper use of digital assets,” he noted.
According to him, the VASP Bill took more than a year to develop and involved extensive consultations with key institutions, including the Bank of Ghana, Financial Intelligence Centre, Cyber Security Authority, Ministry of Finance, and the Ghana Revenue Authority.
“This is one of the most consultative bills the government has ever passed. Stakeholders helped identify gaps and close loopholes in the virtual asset ecosystem,” he added.
The new law is expected to legalise and regulate cryptocurrency activities, provide clear operational guidelines for service providers, and protect Ghana’s financial system while encouraging innovation in the fast-growing digital finance space.
“We want to ensure that crypto activities in Ghana are conducted safely, transparently and in a way that does not threaten financial stability,” Mr Thompson said.
Analysts believe the regulation will boost investor confidence and position Ghana as a serious player in Africa’s evolving digital economy.
