Ghana Accelerates Cryptocurrency Regulation Amid Capacity Gaps and Regional Competition
- Ghana aims to implement formal cryptocurrency regulations by the end of December.
- The central bank is preparing a bill for submission to parliament during IMF meetings.
- Ghana has seen over USD 3 billion in cryptocurrency trades between July 2023 and June 2024.
While Ghana's initiative to regulate cryptocurrency is a necessary step towards oversight in a rapidly evolving market, the lack of a fully staffed regulatory department raises concerns about the effectiveness of enforcement. The country must prioritize building the necessary expertise to avoid falling behind its regional counterparts and ensure that the digital economy is managed effectively.
