The Bank of Ghana (BoG) has directed all banks and regulated financial institutions to immediately cease any involvement in facilitating unauthorised foreign currency wallet services provided by cryptocurrency platforms operating in Ghana.
In a statement issued by the central bank, it expressed concern over the increasing use of fiat currency wallet arrangements, particularly those denominated in United States dollars, by some crypto platforms. These wallet services are reportedly being funded through bank transfers, payment cards, and other payment channels made available by regulated financial institutions.
According to the BoG, the operation of such services may fall under activities that require prior regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other relevant regulatory frameworks governing financial transactions in Ghana.
The central bank stressed that the crypto platforms involved in offering these services have not received the necessary authorisation to conduct such activities within the country. As a result, the regulator has instructed all banks, Specialised Deposit-Taking Institutions (SDIs), Electronic Money Issuers (EMIs), Payment Service Providers (PSPs), and other regulated entities to refrain from entering into or maintaining any arrangements that support these unauthorised services.
The directive specifically prohibits financial institutions from facilitating the funding, operation, settlement, or customer access to foreign currency wallet services provided by unapproved crypto platforms.
It also requires institutions currently offering banking, payment processing, card acquiring, settlement, or related support services to such platforms to immediately terminate those arrangements.
The BoG noted that the move forms part of its efforts to ensure compliance with existing financial regulations and to safeguard the integrity of Ghana’s financial system. The regulator emphasised that all financial service providers must strictly adhere to the country’s legal and regulatory requirements when engaging with emerging digital financial products and services.
Furthermore, the central bank warned that failure to comply with the directive could result in supervisory measures or enforcement actions against the affected institutions. It urged all regulated entities to take the necessary steps to ensure full compliance with the directive without delay.
The latest directive highlights the Bank of Ghana’s cautious approach toward cryptocurrency-related activities and its determination to ensure that all financial services operating in the country remain within the bounds of established regulatory frameworks.
In November 2025, BoG registered more than 100 virtual asset service providers (VASPs) as part of a new national framework to regulate the country’s rapidly expanding cryptocurrency firms.
In a detailed policy paper titled “Ghana’s Policy Position on Virtual Assets and Service Providers,” the BoG outlined Ghana’s first comprehensive approach to governing virtual assets, including cryptocurrencies, tokens, and related technologies.
According to the central bank, a registration exercise carried out in July 2025 identified over 100 companies offering services such as cryptocurrency exchange, wallet management, brokerage, and investment advisory to an estimated three million users nationwide.
To ensure effective oversight, the Bank announced the creation of a Virtual Assets Regulatory Office (VARO), which will supervise the sector and coordinate with key state agencies.
The new office will also enforce compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
“Virtual assets can no longer remain outside Ghana’s financial regulatory framework,” the policy document stated.
The BoG said VARO will serve as a bridge between government oversight and the virtual assets industry, working closely with the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), Ghana Revenue Authority (GRA), and National Communications Authority (NCA).
