About 3.1 million Ghanaians use cryptocurrency and other digital assets, Minister for Communications, Digital Technology and Innovation Samuel Nartey George said at the first Africa Virtual Asset Summit in Accra this week.
Ghana ranks 29th in the world for cryptocurrency adoption, the minister said. Both figures are his and were not broken down by age, region or type of asset.
The Virtual Asset Service Providers Act, 2025 (Act 1154) sets licensing requirements, consumer protection rules and anti-money laundering standards for firms that offer virtual asset services. "We will not ban what our young people are already using. We will regulate it, make it safe, and make it work for our people," Mr George said.
Bank of Ghana Governor Johnson Pandit Asiama told the summit on 2 November that rules should match the risk of each activity. "This does not call for heavy-handed regulation at all. Not all virtual asset activities present the same risk," he said, adding that regulation must protect consumers, financial stability and confidence in the cedi.
The government is targeting 70% population coverage for 5G services by March 2027, and plans to use the Ghana Card for biometric identity checks in the digital asset market.
The minister did not say how many firms have applied for or received a licence under the Act, or how much money Ghanaians hold in digital assets.