The Bank of Ghana has issued a sweeping directive ordering all regulated financial institutions to cease supporting fiat currency wallet services denominated in foreign currencies, particularly United States Dollars (USD), offered by crypto platforms to users in Ghana.

In a notice dated June 12, 2026, and signed by the Secretary of the Bank, Aimee Vyda Quashie, the central bank expressed concern over the operation of such arrangements, which are typically supported through bank transfers, payment cards, and other payment channels provided by some regulated financial institutions.

The Bank of Ghana stated that these activities require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements.

“The relevant crypto platforms have not been authorised by the Bank of Ghana to undertake such activities,” the notice read.

Accordingly, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other regulated financial institutions have been directed to refrain from establishing or maintaining any arrangements that facilitate the funding, operation, settlement, or customer access to unauthorised fiat currency wallet services offered to users in Ghana.

The central bank further ordered institutions that currently provide any banking, payment, card acquiring, settlement, or related services in support of such arrangements to take immediate steps to discontinue such support.

“Failure to comply with this directive may result in supervisory or enforcement actions,” the Bank of Ghana warned.

The directive represents a significant tightening of the central bank’s stance on crypto-related financial activities. While the Bank of Ghana has previously issued warnings about cryptocurrencies, this notice specifically targets the operational backbone of such platforms: the banking and payment channels that allow users to fund and use foreign currency-denominated wallets.

The Bank of Ghana has provided a contact email – vasp@bog.gov.gh – for enquiries or technical support related to registration processes, suggesting that the directive may be part of a broader effort to bring virtual asset service providers under a formal regulatory framework.

Industry observers note that the directive could disrupt access for Ghanaians who use international crypto platforms to hold USD-denominated assets, as local banks and payment service providers will now be required to cut ties with unauthorised operators.

The Bank of Ghana did not name specific crypto platforms affected by the directive.

Financial institutions are expected to comply immediately or risk regulatory sanctions.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:

Bank of Ghana forbids banks from supporting crypto wallets for foreign currency

Suggested for you

More Stories

Former Foreign Affairs Minister James Victor Gbeho dies at 91

KNUST Nkabom Collaborative Open Pitch Session to Support Young Agripreneurs with Business Funding

Former Foreign Minister and ECOWAS President James Victor Gbeho dies at 91

Sammi Awuku questions if GTA board chair Gertrude Donkor meets Tourism Act private sector requirement

Asantehene to Attend Tribe Culturefest Festival in Toronto as Ghana Plays Panama in World Cup

Former Chief Justice Sophia Akuffo leaves Council of State

Discussion