Why did the Bank of Ghana order banks to stop supporting crypto dollar wallets?

The Bank of Ghana ordered banks to stop supporting unapproved foreign-currency digital wallets because the services may operate without required regulatory authorisations. The regulator said these arrangements may breach the Payment Systems and Services Act 2019 and the Foreign Exchange Act 2006.

What are the crypto wallet services targeted by the Bank of Ghana?

The Bank of Ghana is targeting foreign-currency digital wallets, primarily US dollar-denominated services offered by cryptocurrency platforms. These wallets have been supported through bank transfers, payment cards and other local payment channels.

How is the Bank of Ghana enforcing its directive on crypto wallet providers?

The Bank of Ghana directed banks, specialised deposit-taking institutions, electronic money issuers and payment service providers to immediately discontinue support for affected wallet services. The regulator warned that non-compliant institutions could face supervisory or enforcement action.

What does the Bank of Ghana directive mean for financial institutions?

The Bank of Ghana directive prohibits regulated institutions from funding, operating or settling transactions linked to unauthorised foreign-currency wallet systems. Financial institutions must review existing relationships and terminate support where required.

What does the Bank of Ghana say about crypto businesses seeking compliance guidance?

The Bank of Ghana said crypto businesses can contact its dedicated virtual asset desk for information on compliance and registration requirements. The regulator stated that enquiries related to virtual asset operations will continue to be handled through that channel.

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Bank of Ghana orders halt to crypto wallets

Written by Brie CarterPublished Jun 16, 2026, 12:23 AM

The Bank of Ghana ordered banks and payment providers to immediately stop supporting unapproved foreign-currency digital wallets offered by crypto platforms.
The regulator said these services may breach the Payment Systems and Services Act 2019 and the Foreign Exchange Act 2006.
Financial institutions that fail to comply face regulatory action, while the central bank continues handling virtual asset registration enquiries.

The Bank of Ghana directed regulated financial institutions to immediately stop supporting foreign-currency digital wallets offered by cryptocurrency platforms that lack regulatory approval.

The order follows concerns that some crypto platforms have been offering US dollar-denominated wallet services through integrations with local banks, payment cards and domestic payment channels.

“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,” said the Bank of Ghana.

The central bank said these wallet arrangements require authorisation under the Payment Systems and Services Act 2019 and the Foreign Exchange Act 2006, approvals that the affected crypto platforms do not hold.

The directive applies to banks, specialised deposit-taking institutions, electronic money issuers and payment service providers, and the Bank of Ghana warned that non-compliant institutions face enforcement action; following the announcement there was no immediate market reaction.

The regulator said its action targets the financial infrastructure supporting unauthorised foreign-currency wallet services rather than introducing a broader ban on cryptocurrency activity.

The Bank of Ghana also said businesses seeking guidance on compliance or virtual asset registration requirements can contact its dedicated virtual asset desk for assistance.