The Bank of Ghana has directed all regulated financial institutions to stop supporting unauthorised foreign currency wallet services. This order affects banks, specialised deposit-taking institutions, electronic money issuers, and payment service providers. They must no longer facilitate the funding, operation, or customer access to these services in Ghana.
This directive follows concerns about specific cryptocurrency platforms offering foreign currency wallet arrangements to users in Ghana. These services mostly use United States Dollars. They are often supported through bank transfers, payment cards, and other channels provided by some regulated financial institutions. The Bank of Ghana says these platforms lack proper authorisation to conduct such activities.
This action is part of Ghana's ongoing effort to maintain stability in its financial system and ensure compliance with regulatory frameworks. The Central Bank has consistently emphasized the need for all financial services to operate under its strict supervision. This move aims to prevent unregulated money flows and protect consumers. It also reinforces the Bank of Ghana's mandate under the Payment Systems and Services Act, 2019 (Act 987).
The Bank of Ghana explicitly stated that the crypto platforms offering these services have not received official authorisation. It instructed institutions supporting these arrangements to discontinue them immediately. “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 Central Bank advised. This highlights the serious nature of the compliance breach.
The Bank of Ghana confirmed that these unauthorised operations involve activities requiring specific licences under Act 987, the Foreign Exchange Act, 2006 (Act 723), and other relevant regulations. Ghana’s foreign exchange laws aim to control the flow of foreign currency. They help manage the value of the Ghana cedi and prevent capital flight. The Bank of Ghana’s strict stance underlines its commitment to enforcing these laws.
Failure to comply with this directive may lead to supervisory or enforcement actions against financial institutions. Such actions could include penalties, fines, or other regulatory sanctions. The Bank of Ghana is signaling a tough approach to ensure all financial operations align with national laws. Market participants and financial institutions will now need to review their current partnerships. They must ensure that all services comply strictly with the Central Bank's clear instructions. This policy will likely impact how digital payment services develop in Ghana. It will also shape the future of cryptocurrency platforms operating within the country.