Bank of Ghana Cracks Down on USD Crypto Wallets, Orders Banks to Cut Ties

The Bank of Ghana (BoG) has warned banks and payment service providers to immediately stop supporting fiat currency wallet arrangements denominated in foreign currencies.

The Central Bank is targeting United States Dollars (USD) operated by unlicensed crypto platforms for users in Ghana.

In a directive, BoG expressed concern about certain crypto platforms offering USD wallets to Ghanaians, funded through bank transfers, payment cards, and other channels provided by regulated financial institutions.

According to the central bank, these arrangements typically 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 relevant crypto platforms have not been authorised by the Bank of Ghana to undertake such activities,” the BoG stated.

BoG has directed banks, Specialised Deposit-Taking Institutions (SDIs), Electronic Money Issuers (EMIs), Payment Service Providers (PSPs), and other regulated financial institutions to refrain from establishing or maintaining arrangements that facilitate funding, operation, settlement, or customer access to unauthorised fiat currency wallet services offered to users in Ghana.

Institutions currently providing banking, payment, card acquiring, settlement, or related services in support of such arrangements have been ordered to take immediate steps to discontinue such support.

“Failure to comply with this Directive may result in supervisory or enforcement actions,” BoG warned.

The move signals the central bank’s growing scrutiny of crypto-related services that blur the line between digital assets and foreign currency transactions.

The BoG has consistently maintained that foreign currency-denominated transactions in Ghana must go through authorised channels under Act 723.

Story by Hajara Fuseini

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