The Bank of Ghana (BoG) has directed all banks, payment service providers and regulated financial institutions to immediately discontinue any arrangements that facilitate the funding, operation or settlement of unauthorised fiat currency wallet services offered to users in Ghana by crypto platforms.
In a supervisory directive dated June 14, 2026, the central bank expressed concern over the operation of fiat currency wallet arrangements denominated in foreign currencies, mainly United States dollars, by certain crypto platforms for users in Ghana.
These arrangements, the Bank of Ghana noted, are typically supported through bank transfers, payment cards and other payment channels provided by some regulated financial institutions.
Violation of existing laws
The central bank stated that these arrangements involve activities that require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements.
The Bank of Ghana emphasised that the relevant crypto platforms have not been authorised to undertake such activities.
Immediate compliance required
Accordingly, banks, specialised deposit-taking institutions, electronic money issuers, payment service providers and other regulated financial institutions are hereby directed to refrain from establishing or maintaining arrangements that facilitate the funding, operation, settlement or customer access to unauthorised fiat currency wallet services offered to users in Ghana.
“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 directive read.
Enforcement warning
The Bank of Ghana warned that failure to comply with the directive may result in supervisory or enforcement actions. The central bank did not specify which crypto platforms were in violation but made it clear that no such authorisations had been granted.
The directive is the latest in a series of regulatory actions by the Bank of Ghana to assert control over the rapidly evolving digital asset landscape. Ghana has taken a cautious approach to cryptocurrency regulation, prioritising consumer protection and financial stability while exploring the potential of central bank digital currency.
Virtual Asset Service Providers framework
The Bank of Ghana has been developing a regulatory framework for Virtual Asset Service Providers, and the directive appears to reinforce that only authorised entities may operate in the space. The notice referred institutions to contact
The directive was signed by Aimeve Yda Quashie, Secretary of the Bank.
The central bank’s action is expected to have immediate implications for crypto platforms offering dollar-denominated wallet services to Ghanaian users, as well as the banks and payment service providers that have been facilitating those transactions.
Regulated financial institutions have been given a clear instruction to sever ties with unauthorised crypto platforms. The Bank of Ghana has not provided a grace period, indicating that compliance is expected immediately. Institutions found to be in violation risk facing supervisory or enforcement actions, which could include sanctions, fines or other regulatory penalties.
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