By Issah Olegor
The Bank of Ghana (BoG) has intensified its oversight of the country’s rapidly growing digital finance sector by directing banks and other regulated financial institutions to immediately stop facilitating unauthorised foreign currency wallet services being offered by cryptocurrency platforms to customers in Ghana.
The directive marks the latest move by the central bank to tighten control over emerging digital financial services as it works to balance financial innovation with regulatory compliance, consumer protection, and foreign exchange market stability.
In a statement issued to the banking and payments industry, the Bank of Ghana disclosed that it had observed with concern the increasing use of fiat currency wallets, particularly those denominated in United States dollars, being operated by certain cryptocurrency platforms and funded through local banking channels.
According to the central bank, these wallet arrangements are being funded through bank transfers, payment cards and other payment mechanisms provided by regulated financial institutions, despite the operators not having the necessary approvals to conduct such activities in Ghana.
The regulator warned that the services may constitute regulated financial activities under several Ghanaian laws, including the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory frameworks governing financial transactions and foreign exchange operations.
“The Bank of Ghana has observed with concern the growing use of fiat currency wallet arrangements, particularly those denominated in U.S. dollars, being operated by certain crypto platforms and funded through bank transfers, payment cards and other payment channels provided by regulated financial institutions,” the statement noted.
The central bank stressed that none of the crypto platforms involved have been authorised to provide such foreign currency wallet services within Ghana’s financial system.
As a result, the BoG has ordered banks, Specialised Deposit-Taking Institutions (SDIs), Electronic Money Issuers (EMIs), Payment Service Providers (PSPs), and all other regulated financial institutions to refrain from establishing or maintaining any arrangements that support the operation of these unauthorised services.
The directive specifically targets activities that facilitate the funding, operation, settlement, or customer access to foreign currency wallet products offered by unlicensed crypto operators.
Financial institutions already providing banking, payment processing, card acquiring, settlement services, or other forms of support to such platforms have been instructed to take immediate steps to terminate those relationships.
The warning comes at a time when Ghana is witnessing increased interest in digital assets, cryptocurrency trading and cross-border digital financial services.
The Bank of Ghana has in recent months acknowledged the growing role of financial technology in transforming the country’s financial sector while simultaneously pushing ahead with efforts to establish a formal regulatory framework for virtual asset activities.
Speaking at several industry events this year, Governor Dr. Johnson Pandit Asiama has emphasised that digital innovation must operate within a structured regulatory environment that protects consumers and safeguards the integrity of the financial system.
During the 2026 3i Africa Summit in Accra, the Governor disclosed that the Bank of Ghana was advancing a regulatory regime for virtual assets as part of broader reforms aimed at supporting innovation while maintaining stability and public trust.
Similarly, at a post-Monetary Policy Committee engagement with commercial bank executives earlier this year, the Governor revealed that Parliament had passed the Virtual Asset Service Providers Act, paving the way for the formal regulation of digital asset activities in Ghana.
He noted at the time that banks would play a crucial role in the emerging virtual asset ecosystem through settlement accounts, custody services, compliance infrastructure and payment channels, but stressed that participation must occur within a clearly defined regulatory framework.
The latest directive suggests that while the Bank remains supportive of innovation in financial technology, it will not tolerate activities that operate outside established regulatory boundaries.
Industry analysts believe the move is partly aimed at preventing potential risks associated with unauthorised foreign currency transactions, money laundering concerns, consumer protection challenges and possible pressures on the foreign exchange market.
The central bank warned that institutions that fail to comply with the directive risk facing supervisory and enforcement actions.
The Bank of Ghana has repeatedly stated that while it welcomes technological innovation and digital financial inclusion, all participants must comply with existing laws and regulatory requirements.
