Breach of National Financial Laws
The Bank of Ghana has issued a directive ordering regulated financial institutions to immediately halt operations that support unauthorized foreign currency wallet services offered by cryptocurrency platforms.
According to the central bank, several cryptocurrency platforms operating in Ghana have been offering digital wallet arrangements denominated in foreign currencies, primarily U.S. dollars. To keep these services running, the platforms have relied on integration with the local banking system, using payment channels including direct bank transfers, payment cards and other traditional local payment channels. The Bank of Ghana expressed deep concern over these setups, stating that the crypto platforms behind them have not been authorized to conduct such activities.
In a June 12 notice, the central bank clarified that facilitating foreign-currency-denominated digital wallets involves financial mechanisms that require formal authorization under existing Ghanaian legislation. Specifically, these arrangements trigger compliance mandates under the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006.
The Bank of Ghana argues that because crypto platforms lack these approvals, the infrastructure supporting them is illegal under current banking guidelines. The central bank’s regulatory crackdown targets the domestic institutions that make these cryptocurrency transactions possible.
Effective immediately, the directive applies to banks, specialized deposit-taking institutions, electronic money issuers and payment service providers. They are strictly prohibited from establishing or maintaining any arrangements that facilitate the funding, operation and settlement of these unauthorized fiat wallet systems.
“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 central bank warned.
The Bank of Ghana closed its notice with a reminder that the order is mandatory. Financial institutions that fail to cut ties with these crypto dollar-wallet providers will face immediate, unspecified supervisory or enforcement actions from the regulator.
For businesses looking to align with national registration guidelines or seeking technical clarity on compliance, the central bank has designated a dedicated inquiry channel through its virtual asset desk.
