The Bank of Ghana has ordered banks, payment service providers, and other regulated financial institutions to immediately stop supporting unauthorised fiat currency wallet services on cryptocurrency platforms in Ghana. This directive, issued on June 12, 2026, targets digital wallets primarily denominated in United States Dollars offered to Ghanaian users.
These wallet arrangements, facilitated through bank transfers and payment cards, require prior authorisation under Ghana’s Payment Systems and Services Act, 2019 (Act 987), and the Foreign Exchange Act, 2006 (Act 723). The central bank states that relevant crypto platforms have not obtained the necessary approvals to operate these services within Ghana.
This action represents a significant step by the Bank of Ghana to tighten regulatory oversight of digital finance and foreign currency transactions. It aligns with the central bank’s ongoing efforts to manage the financial system and control foreign exchange flows. Ghana previously sought to strengthen its foreign exchange market amidst economic vulnerabilities, making this directive a part of a broader strategy to maintain financial stability and regulate the economy.
Aimee Vyda Quashie, Secretary of the Bank of Ghana, signed the directive. The instruction explicitly tells banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other Regulated Financial Institutions to avoid arrangements supporting these unauthorized services. The central bank has not named any specific crypto platform in its directive.
The immediate implication for financial institutions is an urgent need to review all existing technical, commercial, and settlement relationships with crypto platforms. They must identify and discontinue any arrangements that facilitate unauthorised fiat wallet services for Ghanaian users. This could impact services like bank transfers, card acquiring, and payment gateway integrations. For customers, disruption to US Dollar wallet funding or withdrawal channels on affected crypto platforms is possible. The Bank of Ghana warned that non-compliance could lead to severe supervisory and enforcement actions against regulated institutions.
This directive does not constitute a blanket ban on cryptocurrency activities. However, it strongly signals that crypto-related firms providing payment or fiat wallet services in Ghana must comply with the country's licensing and foreign exchange regulatory framework. Industry participants will face increased pressure to formalise their operations and enhance compliance. This includes documentation and engaging the regulator, particularly if their products involve fiat currency balances or foreign exchange functions. The move underscores the central bank's cautious approach to crypto assets while it continues to study the risks to financial stability and consumer protection.
The Bank of Ghana has previously expressed concerns about capital flows and anti-money laundering controls related to virtual asset service providers. This recent measure reinforces its commitment to bringing all financial activities, particularly those involving foreign currency and digital assets, under strict regulatory purview. Such actions are crucial for Ghana's economic stability and for building confidence in its financial markets. The financial industry awaits further clarification on the specific types of arrangements considered unauthorised under this directive.