The Bank of Ghana (BoG) has directed all regulated financial institutions to immediately terminate relationships with cryptocurrency platforms operating unauthorized foreign currency wallets.
This move is an escalation of the Central Bank’s crackdown on illicit forex activities within the digital asset space.
The central bank said it had observed a growing trend of crypto-linked platforms offering digital US dollar wallets to Ghanaian users through channels funded by bank transfers, payment cards, and mobile money services provided by local financial institutions.
According to the BoG, the operations of the platforms contravene key provisions of the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723), stressing that no cryptocurrency platform had been licensed to provide such fiat currency wallet services in Ghana.
In a directive to banks, Specialized Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other regulated entities, the central bank ordered the immediate cessation of all arrangements that facilitate the funding, operation, settlement, or customer access to these unauthorized services.
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The directive also requires institutions currently processing transactions or providing settlement infrastructure for such platforms to swiftly dismantle all operational and technical integrations.
The BoG warned that institutions failing to comply risk severe supervisory sanctions and regulatory enforcement actions.
The move signals a significant tightening of oversight over the country’s digital financial ecosystem as the central bank seeks to curb unregulated foreign exchange activities and reinforce control over Ghana’s formal financial and forex markets.
