Bank of Ghana orders banks to cut ties with unlicensed crypto dollar wallets

The Bank of Ghana ordered all regulated financial institutions on June 12, 2026, to immediately stop supporting foreign-currency digital wallets offered by cryptocurrency platforms that lack regulatory authorization, in a notice signed by Bank Secretary Aimee Vyda Quashie.

The directive, issued as Notice No. BG/GOV/SEC/2026/14, covers banks, Specialized Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers and all other regulated entities, and was publicly released on June 14.

It targets fiat currency wallet arrangements, mainly denominated in US dollars, that crypto platforms have been offering through bank transfers, payment cards and other channels without the required authorizations under the Payment Systems and Services Act, 2019, and the Foreign Exchange Act, 2006.

The central bank said it had observed a growing number of cryptocurrency platforms offering wallets denominated in foreign currencies, particularly US dollars, to users in Ghana, typically supported through bank transfers, payment cards and other payment channels provided by regulated financial institutions.

The Bank of Ghana named no specific platform.

“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,” the directive states, warning that non-compliant institutions may face supervisory or enforcement actions.

The order arrives roughly six months after President John Dramani Mahama signed Ghana’s Virtual Asset Service Providers Act, 2025, into law on December 29, 2025, establishing the country’s first formal regulatory regime for digital asset firms.

More than 100 crypto firms have registered operations in Ghana since the law took effect, with licensing and supervisory rules rolling out in phases through 2026. Businesses seeking compliance guidance can contact the Bank of Ghana’s dedicated virtual asset desk at vasp@bog.gov.gh.