Ghana ranks 29th globally in crypto adoption, with 3.1m users – Sam George

Ghana ranks 29th globally in cryptocurrency adoption, with approximately 3.1 million people using virtual assets, Minister of Communications Sam George has disclosed.

Mr George said the figures were contained in the memorandum accompanying the Virtual Asset Service Providers Act, 2025 (Act 1154), highlighting the scale of cryptocurrency use as the government moves to regulate the expanding market.

Speaking at the African Virtual Assets Summit 2026 on Monday, November 2, he said the level of adoption made it necessary to establish a legal framework for virtual assets rather than prohibit their use.

“Activity on that scale cannot sit outside the law; it must be brought within the law. And that’s exactly what we’ve done in Parliament in December 2025, with the passage of Act 1154. For the first time, Ghana has a dedicated law for virtual assets,” he said.

The Virtual Asset Service Providers Act, 2025, provides for the licensing and supervision of virtual asset service providers, anti-money laundering measures and consumer protection.

The legislation is intended to bring virtual asset activities within a formal regulatory framework and strengthen oversight of companies operating in the sector.

Mr George said the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) were finalising guidelines covering anti-money laundering requirements, prudential standards, consumer protection and cybersecurity.

The guidelines are being developed in consultation with banks, fintech companies and other industry stakeholders.

He added that regulatory sandboxes were being used to allow new products and services to be tested under regulatory supervision before they are introduced to the wider market.

The Communications Minister stressed that the government’s policy was not to ban virtual assets but to regulate their use, protect consumers and make the market safer.

“We’ll not ban what our young people are already using; we’ll regulate it, we’ll make it safe, and we’ll make it work for our people,” he said.

Mr George also clarified that the Ministry of Communications does not license virtual asset service providers.

He said licensing and supervision fall under the mandates of the Bank of Ghana and the Securities and Exchange Commission, while his ministry is responsible for national digital technology policy, infrastructure and standards.

The regulatory framework comes as Ghana seeks to address risks associated with virtual asset activity while creating a more structured environment for innovation and participation in the digital economy.