Bank of Ghana Orders Banks to Cut Ties with Unauthorized Crypto Wallet Services

The Bank of Ghana has issued a directive to all licensed banks and financial institutions in the country to immediately cut ties with crypto platforms offering unauthorized dollar-denominated wallet services.

The directive, signed by BoG Secretary Aimee Vyda Quashie on June 12, targets fiat currency wallet arrangements that some crypto platforms have been offering without obtaining the required authorizations under the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).

The central bank does not name specific platforms but instructs institutions to stop supporting any arrangement that facilitates funding, operation, settlement, or customer access to such services. Those already supporting these arrangements must cut their support immediately or face supervisory or enforcement action.