The Bank of Ghana (BoG) has instructed all banks, payment service providers, and regulated financial institutions to immediately terminate any arrangements that enable the funding, operation, or settlement of unauthorised fiat currency wallet services offered by crypto platforms to users in Ghana.
In a supervisory directive issued on June 14, 2026, the central bank raised concerns over the operation of fiat wallet services denominated in foreign currencies—primarily U.S. dollars—by certain crypto platforms. According to the BoG, these services are typically facilitated through bank transfers, payment cards, and other channels provided by regulated financial institutions.
Violation of existing laws
The central bank stated that these arrangements involve activities that require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements. The Bank of Ghana emphasised that the relevant crypto platforms have not been authorised to undertake such activities.
Immediate compliance required
Accordingly, banks, specialised deposit-taking institutions, electronic money issuers, payment service providers and other regulated financial institutions are hereby directed to refrain from establishing or maintaining arrangements that facilitate the funding, operation, settlement or customer access to unauthorised fiat currency wallet services offered to users in Ghana. “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 read.
Enforcement warning
The Bank of Ghana warned that failure to comply with the directive may result in supervisory or enforcement actions. The central bank did not specify which crypto platforms were in violation but made it clear that no such authorisations had been granted.
Virtual Asset Service Providers framework
The Bank of Ghana has been developing a regulatory framework for Virtual Asset Service Providers, and the directive appears to reinforce that only authorised entities may operate in the space. The notice referred institutions to contact vasp@bog.gov.gh for enquiries or technical support related to the registration process. The directive was signed by Aimeve Yda Quashie, Secretary of the Bank.
The Bank of Ghana’s directive is expected to have an immediate impact on crypto platforms offering dollar‑denominated wallet services to Ghanaian users, as well as on the banks and payment service providers facilitating such transactions. The order marks the latest in a series of regulatory measures by the central bank to assert oversight over the fast‑changing digital asset sector.
Ghana has adopted a cautious stance toward cryptocurrency regulation, prioritising consumer protection and financial stability while exploring the potential of a central bank digital currency. Regulated financial institutions have been instructed to cut ties with unauthorised crypto platforms without delay, with no grace period provided. Institutions that fail to comply risk supervisory or enforcement actions, including sanctions, fines, or other penalties.
Source: Kweku Zurek
