Bank of Ghana Orders Halt to Unauthorised Foreign Currency Wallets on Crypto Platforms
The Bank of Ghana has directed all regulated financial institutions to immediately sever any arrangements that support unauthorised foreign currency wallet services being offered by cryptocurrency platforms to users in the country, in one of the central bank’s most forceful interventions in the digital finance space to date.
The directive, issued this week, targets wallet services denominated primarily in United States dollars that are facilitated through bank transfers, payment cards, and other payment channels provided by licensed institutions. The central bank said the platforms in question have not been authorised to operate such services in Ghana.
“All regulated institutions currently providing banking, payment, card acquiring, settlement or related services that facilitate such arrangements have been instructed to take immediate steps to terminate their involvement,” the Bank of Ghana said in a notice. The directive applies to banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and all other licensed financial entities.
The legal basis for the order rests on the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723), both of which govern the terms under which foreign currency transactions may be conducted in Ghana. Institutions that continue to facilitate the unauthorised services, the Bank warned, risk supervisory and enforcement sanctions.
The move extends the central bank’s regulatory reach into a grey area where cryptocurrency platforms have been offering dollar-denominated accounts and wallets to Ghanaian users without obtaining the licences required of traditional financial intermediaries. By cutting off the banking and payment infrastructure that these platforms rely on, the Bank is effectively making it impossible for unregulated entities to operate foreign currency wallets within Ghana’s formal financial system.
In a related development, the Bank of Ghana extended the registration deadline for International Money Transfer Operators to July 31, 2026, giving remittance service providers additional time to comply with regulatory requirements under the Guidelines for the Registration and Operations of International Money Transfer Operators. The extension, which supersedes an earlier January 20 deadline, applies only to existing operators; any partnerships or arrangements that operators maintain with banks, SDIs, or payment service providers will automatically become null and void if they fail to register by the new deadline.
The twin directives signal a coordinated effort by the central bank to bring all channels handling foreign currency transactions under formal regulatory oversight. The approach reflects longstanding concerns about consumer protection, money laundering risks, and the potential for unregulated digital platforms to undermine the cedi by offering seamless dollar access outside the central bank’s monitoring framework.
Non-compliant entities have been warned that they may face additional regulatory and enforcement measures under Ghana’s financial sector laws. The Bank of Ghana called on all regulated institutions to ensure strict compliance with the directives as part of broader efforts to safeguard the integrity and stability of the country’s financial system.
The directive leaves cryptocurrency platforms operating in Ghana with a clear choice: seek proper authorisation or lose access to the banking infrastructure that makes their services functional. For users who have come to rely on dollar-denominated wallets for savings or transactions, the practical effect is likely to be immediate.
Image Source: GHANAIAN TIMES
