Samuel George reveals 3.1 million Ghanaians use virtual assets

Minister for Communications and Digital Technology, Samuel Nartey George, has revealed that over 3.1 million Ghanaians are currently using virtual assets, including cryptocurrencies. Speaking at the inaugural African Virtual Assets Summit in Accra, the Minister disclosed that Ghana now ranks 29th globally in cryptocurrency adoption. The summit, organized by the Securities and Exchange Commission (SEC), served as a platform to discuss the rapid growth of the digital asset space and the government's strategy for legislative oversight following the introduction of the Cybersecurity and Virtual Asset Bills.

The government is moving to regulate the sector through the Virtual Asset Service Providers Act, 2025 (Act 1154). Minister George emphasized that the legislative framework is designed to foster innovation while ensuring robust consumer protection. Rather than prohibiting the use of virtual assets, the Act introduces provisions for licensing, supervision, and anti-money laundering protocols. This regulatory approach aims to integrate virtual assets into the formal economy, providing a safer environment for the millions of Ghanaians already participating in the market.

Adding to the discussion on the economic impact of these technologies, the Governor of the Bank of Ghana, Dr. Johnson Asiama, highlighted the potential for virtual asset infrastructure to revolutionize diaspora remittances. He noted that digital settlements could significantly reduce the high transaction costs and delays currently associated with cross-border payments in Africa. Furthermore, Dr. Asiama suggested that the tokenization of assets could expand access to credit for small businesses and exporters, facilitating easier trade under the African Continental Free Trade Area (AfCFTA).

The implementation of the Virtual Asset Service Providers Act marks a significant shift in Ghana's digital financial policy, moving from a position of caution toward structured engagement. The government continues to work with various stakeholders to develop specific guidelines that balance the needs of the burgeoning fintech industry with the requirements of national financial stability. As adoption continues to climb, officials maintain that a credible regulatory framework is essential to provide business certainty and protect the interests of the 3.1 million Ghanaian users.