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A recent study by Zawya placed Ghana in the 9th place among 27 countries in terms of crypto adoption. According to the study, the country had about 17% of its adults owning crypto. Surprisingly, this placed Ghana ahead of countries like the United Kingdom, Japan and many others. Several factors, including regulatory changes, have significantly contributed to these changes.
And as a serious investor, you want to pay attention to them, especially because they can greatly affect currency prices. Let’s take Solana price, for instance. If favourable regulations are implemented, investors can be encouraged to join the industry, which may lead to increased demand and, thus, higher prices. Therefore, to understand what the Ghanaian crypto market is like in 2025, read on.
A change in regulations
Even after the Bank of Ghana (BoG), in 2022, banned financial institutions from engaging in any crypto-related activity, it has not stopped recording a surge in crypto usage in the country. This was followed by an announcement by the country’s minister of finance in 2023, confirming that they still maintained a tough stance regarding digital currencies until a proper framework was established.
Fast forward to August 2023, and perhaps the announcement many people were waiting for was released. BoG availed a draft guideline on crypto regulation, requesting industry players for contributions and suggestions. Given that crypto usage has increased in the country within the past few years, the bank thought that it was a prime time to have the regulations in place.
Here are a few things to note about the guidelines:
They were inspired by the Financial Action Task Force’s (FATF) suggestions to countries to subject digital assets to supervision and monitoring
While local banks are still prohibited from facilitating crypto transactions, they can only offer financial services to licensed VASPs (virtual assets service providers)
Licensed VASPs would be needed to adopt strong know-your-customer (KYC)
VASPs would also be required to comply with FATF’s Travel Rule and submit the information of all those who transact on their platforms
This also means that VASPs targeting the Ghanaian market can’t operate in the region without authorisation from the bank or the country’s SEC (Security Exchange Commission).
Beyond just regulating crypto assets, the Bank of Ghana seeks to explore the potential of this technology in other areas, alongside launching a central bank digital currency (CBDC). This will be in line with its 2021 announcement of creating a CBDC known as the eCedi.
And even though several industry players believe that tough regulations may discourage entry, such moves by the government can positively impact investor confidence. They can give the perception of increased accountability in the industry, which may encourage more investors to join in.
More reasons why crypto usage could increase
Better customer experience
When it comes to running any business successfully, the importance of providing better customer experiences (CX) cannot be overstated. In fact, according to SupperOffice CRM , providing such experiences directly correlates with improved loyalty and retention. In a recent study, it noted that these experiences can result in a 16% price premium on products.
And at a time when instant payments have become a critical part of CX, many Ghanaian businesses could turn to crypto to improve their relevance. Surprisingly, according to PYMNTs.com, 78% of customers claim that real-time payments are an important part of their experience. And now that acquiring and retaining customers is proving to be expensive, businesses could take advantage of such statistics to stay ahead.
Plus, crypto payments are usually cheaper. There are no intermediaries or third parties, which often increase transaction costs. Now, by simply having a crypto wallet, you can receive your funds just directly. Thankfully, there are more scalable tokens, like Solana, that ensure large-scale businesses do not suffer lags during peak seasons. Solana’s infrastructure allows up to 65,000 transactions per second.
Better security
Online security has become a hot topic, with Exploding Topics approximating over 940,000 daily attacks. Traditional financial systems have proved to be more susceptible, especially because of their centralized structures. Crypto surpasses this limitation through its decentralized system that reduces the consequences of single-point failure.
On top of that, the network’s immutability ensures that once data is stored, it can’t be edited or manipulated. As such, if something suspicious happens, you can always have peace of mind as you assess previous transactions, knowing that they haven’t been altered.
Blockchain’s encryption also improves security by reducing the exposure of information to unauthorized individuals. Altering data in one block would require changes in subsequent blocks, which may be computationally impractical. With several Ghanaian businesses aiming to improve their online safety measures, these features may encourage most of them to welcome crypto, leading to the industry’s further growth in the country.
Based on this discussion, it makes sense to expect crypto usage in Ghana to increase. Especially now that the BoG seeks to regulate the industry, more investors could be encouraged to join it due to increased confidence. But the regulations do not automatically translate to the industry’s growth because some experts anticipate more difficulties in entry.
While this might pose a challenge to the further adoption of digital currencies, there are other features, like security and fast and cheap transaction speeds, that could encourage its further spread in the country. But since all these are speculations, you may want to keep a close watch to see how things go, not just in 2025 but in the coming years as well.
