How To Buy Crypto and Bitcoin in Ghana

Ghana presents a complex regulatory environment for cryptocurrencies. While the Central Bank and other banking regulators acknowledge the existence of digital assets, a comprehensive legal framework remains absent. Cryptocurrencies are not recognized as legal tender in Ghana, meaning merchants and businesses are less likely to accept cryptos as payment.

Crucially, no bank authority in Ghana has declared cryptocurrency exchange operations as illegal. This means that enthusiasts from Ghana can create a crypto account on international exchanges, like CEX.IO, and participate in cryptocurrency trading and other services offered by these platforms. However, it's important to remember that Ghanaian regulations and consumer protections may not apply to these international exchanges.

In this article, we explore how participants from Ghana can obtain Bitcoin and other 200+ supported cryptocurrencies on CEX.IO.

A Step-by-Step Guide: How To Buy Crypto in Ghana

CEX.IO opens its doors to over 193 nations, including Ghana, allowing Ghanaian enthusiasts to dive into the crypto world through a diverse suite of services. 

Acquiring crypto can be achieved via Spot Trading, which empowers users to execute trades directly on our crypto trading platform at market price across a wide selection of crypto and fiat assets utilizing chart tools and comprehensive price analysis.

However, for those seeking an even more streamlined entry point, CEX.IO offers Instant Buy. This feature caters specifically to crypto newcomers, enabling them to seamlessly purchase crypto with credit/debit cards or other supported payment methods available in their region. Here's a step-by-step guide on how to obtain crypto via Instant Buy: 

1. To access the platform's full functionality, kindly create an account and undergo the verification process by providing the required information.
2. Navigate to Instant Buy from the main page. Alternatively, you can access this functionality through the Products menu. 
3. Choose the cryptocurrency you wish to buy from the list of supported assets. 
4. Specify the fiat currency you'd like to use for your crypto purchase. We currently support USD, EUR, and GBP.
5. Enter the amount of fiat you want to allocate to acquiring crypto or choose from predefined denominations (e.g., $100, $300, $500, $700, $1,000). 
6. Select your funding method and follow the on-screen instructions to complete the purchase. 

To ensure seamless access on the move, eligible participants can download the CEX.IO crypto mobile app, available across iOS and Android devices, by completing the following steps: 

1. To begin, locate and download the CEX.IO mobile application from the iOS App Store or Google Play Store.
2. Launch the app and utilize established CEX.IO login credentials to access your account.
3. Navigate to the designated Wallet section within the app. Here, locate the Buy function and proceed to select the specific cryptocurrency from the comprehensive list of supported.
4. Choose your preferred payment method for funding your cryptocurrency purchase. 
5. Within the You Pay/Get section, select a predefined cryptocurrency package or manually enter your desired purchase amount.
6. Carefully follow the on-screen instructions provided by the app to finalize your cryptocurrency purchase.

Disclaimer: CEX.IO strives to provide a user-friendly platform for Ghana-based enthusiasts interested in the cryptocurrency market. However, it's essential to acknowledge that certain payment methods might not be universally available due to regulatory restrictions within specific jurisdictions.

To ensure a smooth experience, we strongly encourage all Ghanaian users to thoroughly research the availability of payment methods on our platform before attempting any purchases. CEX.IO remains committed to expanding its supported payment methods whenever possible to cater to the evolving needs of our global user base.

How To Exchange Crypto in Ghana

Beyond buying and selling, Ghana-based enthusiasts can enjoy other services within the CEX.IO ecosystem. Those looking to diversify their portfolios can utilize the aforementioned Spot Trading and trade their crypto holdings against other cryptocurrencies or fiat assets. 

For example, eligible customers based in Ghana can actively trade Bitcoin (BTC) for Ethereum (ETH), XRP (XRP), Tether (USDT), Dogecoin (DOGE) and Arbitrum (ARB). In addition, curious participants can explore our crypto price list and utilize various filters to prioritize trading pairs with high trading volume for potentially easier entry and exit from positions.

On the other hand, for those seeking a quick and efficient method to exchange their digital assets without the complexities of traditional order book trading, CEX.IO offers a dedicated platform to swap cryptocurrency, CEDEX. 

Its intuitive design minimizes the need for advanced trading knowledge, making it ideal for both seasoned enthusiasts and newcomers to the cryptocurrency space. CEDEX strives to offer competitive exchange rates, ensuring users receive optimal value when swapping their crypto holdings.

Please note: CEX.IO is committed to providing a diverse range of services to empower Ghanaian users in their exploration of the cryptocurrency landscape. However, it is crucial to acknowledge that the suitability of any particular service, including Spot Trading and CEDEX, depends on individual circumstances.

We strongly encourage all users to conduct thorough research and carefully evaluate their risk appetites and financial goals before engaging in any crypto-related activities. CEX.IO offers a comprehensive suite of tools, including the crypto price, to facilitate informed decision-making. 

Ultimately, the responsibility of selecting the most appropriate crypto gateway rests with the individual user.

How To Create Crypto Wallet

CEX.IO prioritizes user experience by offering a streamlined account creation process. To unlock the full potential of CEX.IO's services, such as purchasing Bitcoin with a prepaid card, Ghana-based customers need to establish a BTC wallet within their CEX.IO account. Here are the steps to create a free custodial wallet on CEX.IO: 

1. Create an account on CEX.IO.
2. Log in using your credentials.
3. Complete the identity verification process to comply with AML/KYC requirements. 
4. Access the CEX.IO Wallet through your preferred web browser or download the CEX.IO App to establish your Android or iOS crypto wallet. 

Legal Framework and Regulations in Ghana

In 2018, the Bank of Ghana (BoG) released a notice on digital and virtual currencies, offering promising insights into the Ghanaian cryptocurrency landscape. 

Though currently unlicensed, the BoG's acknowledgment of this burgeoning sector and its ongoing efforts to update the Payments System Act through a revised Payment Systems and Services Bill signal a potential shift towards a more inclusive regulatory framework. 

This, in turn, could pave the way for incorporating digital currencies within Ghana's financial system. Furthermore, the BoG's recognition of the underlying blockchain technology's potential suggests a future where cryptocurrencies might be cautiously integrated into economic architecture.

This is evidenced by their ongoing pilot program for a central bank digital currency (CBDC) called the eCedi, developed in collaboration with Giesecke+Devrient (G+D). While the eCedi's launch has been deferred due to current economic conditions and other considerations, this initiative demonstrates the BoG's commitment to innovation. 

The postponement suggests a prudent approach, prioritizing economic stability while laying the foundation for the eventual integration of digital currencies into Ghana's financial landscape.

Still, beyond CDBC, there haven't been any concrete legal developments since then. 

This is further emphasized by a recent public warning issued by the Ghana Securities and Exchange Commission (SEC) regarding the risks associated with trading cryptocurrencies on unregistered platforms. The SEC clarifies that it cannot assist citizens who encounter issues on such platforms.

It's important to note that the absence of a specific legal framework doesn't equate to a ban on cryptocurrency ownership in Ghana. 

Ghanaian citizens can still buy, sell, and trade cryptocurrencies through internationally licensed and regulated exchanges, such as CEX.IO. However, they should be aware of the inherent risks of operating outside a robust regulatory environment.

FAQs

Is it legal to buy cryptocurrency in Ghana?

Purchasing and trading cryptocurrencies is not considered illegal in Ghana. Ghana-based participants can engage in these activities on regulated international cryptocurrency exchanges.

Is USDT legal in Ghana?

While the purchase and trade of cryptocurrencies, including USDT, are not explicitly prohibited in Ghana, the Ghana Securities and Exchange Commission (SEC) advises against engaging with unregulated or unlicensed cryptocurrency exchanges.

Is Ghana a crypto friendly country?

While not explicitly illegal to buy and sell cryptocurrencies, there's currently no specific legal framework governing them in Ghana. However, the Bank of Ghana's exploration of a central bank digital currency (eCedi) suggests a potential shift towards a more inclusive regulatory framework in Can I buy crypto with a credit card in Ghana?

Yes, Ghana residents can purchase supported cryptocurrencies using Visa or Mastercard credit cards on CEX.IO. However, it's imperative to establish a registered and verified account on the platform to facilitate such transactions.