Ghana’s innovation economy is facing a busy and bewildering few weeks. Two major deadlines — one regulatory, the other legislative — are rapidly approaching. On one front, the Bank of Ghana (BoG) has given all Virtual Asset Service Providers (VASPs) until August 15, 2025 to register with the central bank or face regulatory sanctions. On another, the long-awaited Ghana Innovation and Startup Bill has been promised for final presentation to Parliament by the end of July. For entrepreneurs and investors trying to build a future in West Africa’s rising digital economy, the question isn’t what’s coming — it’s whether any of it will actually stick.
Crypto’s Coming of Age — Or At Least a Registry
In a recent public notice, the BoG announced it would begin registering all entities involved in virtual asset activities, from wallet providers and exchanges to ICO issuers and stablecoin platforms. The message was clear: if you’re offering crypto services in Ghana — whether based locally or operating remotely — you must sign up.
But there’s a catch. As the central bank itself hastened to clarify, registration is not a licence to operate.
“Registration does not constitute a licence to operate, nor does it imply legal recognition or approval,” the BoG noted.
Instead, the process is a kind of regulatory reconnaissance — a soft step before the real licensing regime drops. Think of it as a guest list for a party that hasn’t been fully planned yet, and where no one is quite sure who’s footing the bill.
This move is in line with global trends. Financial regulators across the world — from the U.S. SEC to the EU’s MiCA regime — are scrambling to rein in crypto’s grey zones. Ghana is simply trying to keep pace, albeit with a uniquely Ghanaian twist: demand compliance now, figure out the rules later.
For the time being, VASPs are being asked to register via a Microsoft Forms link (yes), with further guidance promised based on the “insights” gathered. And for those who need help? There’s a dedicated email address: vasp@bog.gov.gh. Whether that inbox will be more responsive than previous government channels remains to be seen.
A Startup Bill Languishes in Legislative Limbo
While the central bank makes bold moves, Ghana’s policymakers are still trying to finish something they started five years ago: the Ghana Innovation and Startup Bill. Once hailed as a potential game-changer for the country’s entrepreneurial ecosystem, the bill has languished in limbo — surviving more committees than a university thesis and gathering more dust than a dormant startup pitch deck.
Originally launched in 2020 by the Ministry of Business Development, the bill aims to:
- Define what qualifies as a startup in Ghana
- Offer tax waivers and incentives
- Create a certification and labeling framework
- Provide IP and R&D support
- Establish investor and mentorship programs
It all sounds great — on paper. But as anyone in Ghana’s tech community will tell you, so did the promises in 2020. Then-Minister Dr. Ibrahim Mohammed Awal said the bill would be passed within two months. Four years later, the government is still making new deadlines. The latest came from Minister Samuel Nartey George, who now insists the bill must reach Parliament by July 2025, just before the legislative recess.
Given Ghana’s historic fondness for setting deadlines that drift by “like clouds on a Harmattan morning,” this latest promise is either an encouraging sign — or a fresh episode in a long-running sitcom.
To be fair, the renewed momentum isn’t without its champions. A cross-sector coalition — Heritors Labs, The RISA Fund, the UK’s FCDO, MEST, and others — has been pushing hard to finalise the bill’s so-called “zero draft.” Leading the bureaucratic ballet is the Ghana Innovation and Research Commercialisation Centre (GIRC), under the stewardship of Christopher Lartey.
The GIRC is overseeing a three-tier validation process: committee-level, zonal consultations, and national stakeholder engagements. But critics have asked whether this is genuine public consultation or just a ceremonial box-ticking exercise.
The intent seems noble. The execution, however, remains in that liminal Ghanaian policy space — somewhere between “nearly done” and “forever pending.”
There’s a familiar air of frustration among entrepreneurs. Many remember the flurry of activity in 2020: press conferences, retreats, the flashy launch of ghanastartupact.org, and countless stakeholder workshops. What they don’t remember is any actual law.
“We’ve been here before,” an Accra-based founder confided in Launch Base Africa. “They host another consultation, then another. The bill vanishes. And we go back to solving problems with duct tape and WhatsApp groups.”
Meanwhile, Ghana’s neighbours aren’t waiting. Tunisia, Senegal, Nigeria, and Algeria have all passed Startup Acts. Kenya, Rwanda, and Ethiopia are actively pushing theirs. Ghana, despite its rich innovation talent, risks falling behind.
“Mr. Speaker, in 2020, the Ministry of Business Development and the private sector set up a committee to work on this important bill. My checks show that it is still under review by the technical working committee. I am appealing to the government to fast-track its work so we can have a Startup Act that provides real solutions,” Member of Parliament for Kintampo South, Hon. Felicia Adjei, said last week in parliament.
A Country of Deadlines and Delays
The irony is thick. While the central bank is dragging crypto startups toward a regulatory future — whether they like it or not — the same government still hasn’t figured out how to support traditional startups trying to build solutions across health, finance, agriculture, and education.
Two different arms of the state are essentially racing toward opposite ends of the same goal: innovation with oversight. But where the BoG is playing disciplinarian, Parliament is still debating definitions. The result? Ghana’s tech founders are caught between ambition and ambiguity.
With July and August rapidly approaching, the coming weeks will test whether Ghana is truly ready to back its innovation ecosystem — or if this is just another round of national procrastination dressed up as policy reform.
If the Startup Bill passes and crypto regulation follows, Ghana could emerge as one of Africa’s more structured, innovation-friendly markets. But if these deadlines pass unmet, it may be time to admit the truth: in Ghana, the future keeps knocking — but no one ever seems quite ready to open the door.