The Bank of Ghana has issued a directive ordering all regulated financial institutions to immediately stop supporting crypto platforms that offer United States Dollar (USD) and other foreign currency fiat wallet services to Ghanaian users.
In an official public notice (Notice No. BG/GOV/SEC/2026/14), the central bank expressed deep concern over the growing trend of crypto platforms facilitating foreign-denominated fiat wallets through local banking channels. According to the regulator, these operations are being conducted without the required legal authorization.
“The Bank of Ghana has noted with concern the operation of fiat currency wallet arrangements, denominated in foreign currencies, mainly United States Dollars (USD), by certain crypto platforms for users in Ghana,” the central bank stated.
The regulator emphasized that these financial activities fall under strict regulatory frameworks, specifically requiring authorization under the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).
The central bank explicitly clarified that “the relevant crypto platforms have not been authorised by the Bank of Ghana to undertake such activities.”
The sweeping directive applies to all commercial banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers (EMIs), and Payment Service Providers (PSPs). These entities have been ordered to cut off all ties, including bank transfers, payment cards, and settlement channels, that interface with unauthorized wallet services.
“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 reads.
The central bank warned that financial institutions failing to comply with the new directive will face severe “supervisory or enforcement actions.” For platforms seeking compliance, the Bank of Ghana has directed enquiries regarding the official registration process to its dedicated Virtual Asset Service Provider portal (vasp@bog.gov.gh).
By: Rainbowradioonline.com/Ghana
