The Bank of Ghana (BoG) has issued a strong supervisory directive ordering banks, payment service providers, electronic money issuers, and other regulated financial institutions to immediately cease supporting unauthorized foreign currency wallet services, particularly those denominated in United States Dollars (USD), being offered by certain cryptocurrency platforms operating in Ghana.
In a public notice dated June 12, 2026, the central bank expressed concern over the growing use of fiat currency wallet arrangements that allow users in the country to hold and transact in foreign currencies through crypto-related platforms.
According to the Bank, these services are being facilitated through bank transfers, payment cards, and other payment channels provided by some regulated financial institutions.
The Bank noted that such arrangements involve activities that fall within the scope of Ghana’s financial regulatory framework and therefore require proper authorization.
Specifically, the central bank cited the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulations governing financial services in the country.
However, the Bank emphasized that the crypto platforms currently offering these USD-denominated wallet services have not been granted authorization to undertake such activities in the country.
As a result, the central bank has directed all regulated financial institutions including banks, Specialised Deposit-Taking Institutions (SDIs), Electronic Money Issuers (EMIs), Payment Service Providers (PSPs), and other licensed entities to refrain from establishing or maintaining any arrangements that facilitate the funding, operation, settlement, or customer access to these unauthorized fiat currency wallet services.
The directive further requires institutions already providing banking, payment processing, card acquiring, settlement, or related services to such platforms to take immediate steps to discontinue their support.
“Institutions that currently provide any banking, payment, card acquiring, settlement, or related services in support of such arrangements shall take immediate steps to discontinue such support,” the notice stated.
The Bank warned that non-compliance with the directive could attract supervisory and enforcement actions, underscoring its commitment to safeguarding the integrity of Ghana’s financial system and ensuring compliance with existing regulatory requirements.
The latest directive comes amid increasing global scrutiny of cryptocurrency-related financial services and highlights the central bank’s efforts to maintain oversight of foreign exchange transactions and payment systems within Ghana’s regulated financial sector.
The Bank of Ghana has recently intensified efforts to regulate the rapidly evolving digital asset ecosystem while ensuring that innovation in financial technology operates within established legal and regulatory frameworks.
By 1960news.com
