The Bank of Ghana has issued a stern directive ordering all banks, payment service providers, and regulated financial institutions to immediately cease supporting unauthorised foreign currency wallet services—particularly United States Dollar (USD) wallets—offered by cryptocurrency platforms.
The mandate, detailed in an official notice released by the central bank, targets domestic payment channels that facilitate the funding, settlement, and operational infrastructure of these unregistered digital services.
Immediate Discontinuation Mandated
According to the official document, designated as Notice No. BG/GOV/SEC/2026/14, the central bank expressed serious concern over the proliferation of fiat currency wallet arrangements denominated in foreign currencies.
These services, primarily utilising USD, have been operating within Ghana via crypto platforms leveraging local bank transfers, payment cards, and other regulated channels.
The central bank clarified that these operations fall under activities requiring explicit authorisation under major national financial frameworks, specifically the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).
Because the involved crypto platforms lack the necessary licenses to conduct these activities, the Bank of Ghana has declared their fiat wallet arrangements unauthorised.
Scope and Enforcement Actions
The directive applies broadly across Ghana’s regulated financial ecosystem, explicitly binding banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, and Payment Service Providers.
“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 directive states.
The central bank warned that any institution failing to comply with the supervisory directive will face strict regulatory or enforcement actions.
Compliance and Enquiries
The notice, dated 12th June 2026, was signed by Ms Aimee Vyda Quashie, the Secretary of the Bank.
To manage compliance and address technical inquiries or registration processes moving forward, the Bank of Ghana has directed relevant crypto and virtual asset service entities to contact their dedicated regulatory channel via the specified official communication channels.