The Bank of Ghana has directed all regulated financial institutions to stop supporting foreign currency crypto wallets. This order specifically targets services denominated in United States Dollars (USD) offered by crypto platforms to users in Ghana.
This directive, issued on June 12, 2026, concerns arrangements supported by bank transfers, payment cards, and other payment channels. The central bank highlighted that these activities require authorisation under Ghana’s Payment Systems and Services Act, 2019 (Act 987). They also violate the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements. These crypto platforms currently lack the necessary authorisation from the Bank of Ghana.
This move is a significant tightening of the central bank's stance on crypto-related financial activities. Ghana's economy has faced challenges with currency stability, making foreign exchange controls a critical policy tool. The proliferation of foreign currency wallets could potentially undermine these efforts. This action extends the Bank of Ghana's broader strategy to regulate the fintech sector, ensuring compliance and preventing illicit financial flows. Previous warnings about cryptocurrencies have paved the way for this more direct intervention.
Aimee Vyda Quashie, Secretary of the Bank, signed the notice confirming this directive. The notice warned that financial institutions failing to comply face supervisory or enforcement actions. The Bank of Ghana did not name specific crypto platforms. However, the directive impacts banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, and Payment Service Providers.
This directive means financial institutions must immediately discontinue any banking or payment services that support these unauthorised arrangements. Industry observers suggest this action will disrupt access for Ghanaians using international crypto platforms to hold USD-denominated assets. The Bank of Ghana has provided an email address, vasp@bog.gov.gh, for inquiries about registration processes. This suggests a push to integrate virtual asset service providers into a formal regulatory framework. Markets will watch for the compliance of financial institutions and the impact on local crypto users.