The Bank of Ghana (BoG) has ordered banks and other regulated financial institutions to immediately stop facilitating foreign currency wallet services offered by unauthorised cryptocurrency platforms operating in the country.
The directive follows concerns by the central bank over the increasing use of fiat currency wallets, particularly U.S. dollar-denominated accounts, which are being funded through bank transfers, payment cards and other payment channels provided by regulated institutions.
According to the BoG, some of these arrangements may constitute activities that require regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable laws.
The central bank stressed that the crypto platforms involved have not been granted authorisation to provide such services in Ghana.
In a statement, the BoG instructed banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers and other regulated entities to refrain from establishing or maintaining any arrangements that support the funding, operation, settlement or customer access to these unauthorised wallet services.
The regulator further directed institutions currently providing banking, payment processing, card acquiring, settlement or related support services to affected crypto platforms to take immediate steps to terminate such relationships.
The BoG warned that institutions that fail to comply with the directive risk facing supervisory sanctions and other enforcement actions.
The move underscores the central bank’s efforts to tighten oversight of financial transactions linked to cryptocurrency platforms and ensure compliance with Ghana’s financial and foreign exchange regulations.
