The Bank of Ghana has issued a sweeping directive ordering all regulated financial institutions to cease supporting fiat currency wallet services denominated in foreign currencies, particularly United States Dollars (USD), offered by crypto platforms to users in Ghana.
In a notice dated June 12, 2026, and signed by the Secretary of the Bank, Aimee Vyda Quashie, the central bank expressed concern over the operation of such arrangements, which are typically supported through bank transfers, payment cards, and other payment channels provided by some regulated financial institutions.
The Bank of Ghana stated that these activities require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements.
“The relevant crypto platforms have not been authorised by the Bank of Ghana to undertake such activities,” the notice read.
Accordingly, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other regulated financial institutions have been directed to refrain from establishing or maintaining any arrangements that facilitate the funding, operation, settlement, or customer access to unauthorised fiat currency wallet services offered to users in Ghana.
The central bank further ordered institutions that currently provide any banking, payment, card acquiring, settlement, or related services in support of such arrangements to take immediate steps to discontinue such support.
“Failure to comply with this directive may result in supervisory or enforcement actions,” the Bank of Ghana warned.
The directive represents a significant tightening of the central bank’s stance on crypto-related financial activities. While the Bank of Ghana has previously issued warnings about cryptocurrencies, this notice specifically targets the operational backbone of such platforms: the banking and payment channels that allow users to fund and use foreign currency-denominated wallets.
The Bank of Ghana has provided a contact email – [email protected] – for enquiries or technical support related to registration processes, suggesting that the directive may be part of a broader effort to bring virtual asset service providers under a formal regulatory framework.
Industry observers note that the directive could disrupt access for Ghanaians who use international crypto platforms to hold USD-denominated assets, as local banks and payment service providers will now be required to cut ties with unauthorised operators.
The Bank of Ghana did not name specific crypto platforms affected by the directive.
Financial institutions are expected to comply immediately or risk regulatory sanctions.
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