The Bank of Ghana (BoG) has directed banks, payment service providers and other regulated financial institutions to immediately cease supporting unauthorised foreign currency wallet services, particularly United States Dollar (USD) wallets offered by some cryptocurrency platforms operating in Ghana.
In a supervisory directive issued on June 12, 2026, signed by the Secretary of the Bank, Aimee Vyda Quashie, the central bank expressed concern over the growing operation of fiat currency wallet arrangements denominated in foreign currencies and supported through bank transfers, payment cards and other payment channels provided by regulated financial institutions.
According to the Bank of Ghana, these services typically involve activities that require regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable laws.
The central bank noted that the crypto platforms offering such services have not been authorised to undertake those activities in Ghana.
As a result, banks, specialised deposit-taking institutions, electronic money issuers, payment service providers and other regulated financial institutions have been instructed not to establish or maintain arrangements that facilitate the funding, operation, settlement or customer access to the unauthorised foreign currency wallet services.
The directive further requires institutions currently providing banking, payment, card acquiring, settlement or related support services to such platforms to take immediate steps to discontinue those services.
The Bank of Ghana warned that failure to comply with the directive could attract supervisory sanctions or enforcement actions against the affected institutions.
The move forms part of the central bank’s efforts to strengthen oversight of financial services and ensure compliance with existing regulations governing payment systems, foreign exchange transactions and digital financial services.
The Bank of Ghana also advised institutions seeking clarification on the directive to contact its Virtual Asset Service Provider (VASP) registration support desk.
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