The Bank of Ghana has directed all banks, specialised deposit-taking institutions, and electronic money issuers to stop supporting unauthorised foreign currency wallet services. This directive mandates an immediate halt to all related banking, payment, and settlement services by regulated financial institutions. The central bank issued this directive on June 14, 2026.
This action follows the Bank of Ghana's concern over foreign currency wallets, mainly denominated in US Dollars, being offered by certain crypto platforms to users in Ghana. These platforms use bank transfers and payment cards provided by regulated financial institutions. The central bank emphasizes these activities lack the necessary authorisation and breach the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).
This move is part of the Bank of Ghana's ongoing effort to regulate the country's financial landscape and prevent illicit financial flows. Ghana has recently faced challenges with currency stability and regulatory compliance in its digital economy. This directive reinforces the central bank's stance against unregulated financial activities that could undermine the stability of the Ghana Cedi or facilitate money laundering. For example, the Payment Systems and Services Act, 2019, provides a legal framework for all digital payment services within Ghana.
The Bank of Ghana stated that relevant crypto platforms have not received authorisation to conduct these financial activities. It advised, “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.” This statement highlights the central bank's firm stance against non-compliant financial operations.
Financial institutions failing to comply with this directive face supervisory or enforcement actions from the Bank of Ghana. This could include fines, operational restrictions, or other regulatory penalties. The directive will likely lead to a significant disruption in how crypto platforms operate foreign currency services in Ghana. This also signifies tighter scrutiny of digital financial products and services in the Ghanaian market. Businesses and individuals using these services must expect changes as financial institutions adjust to the new regulatory requirements.