Bank of Ghana halts bank support for crypto USD wallets

On June 12 the Bank of Ghana issued a directive requiring regulated financial institutions to immediately stop supporting unauthorized foreign-currency digital wallets offered by cryptocurrency platforms. The directive is effective on receipt.

The notice describes several cryptocurrency platforms offering U.S. dollar–denominated wallets in Ghana that have remained operational by connecting to the local banking system through direct bank transfers, payment cards and other local payment channels. Local banks and payment firms provided the funding, settlement and payment rails that made the wallets usable to customers.

The regulator referenced the Payment Systems and Services Act, 2019 and the Foreign Exchange Act, 2006, noting that facilitating foreign-currency wallets triggers formal authorization and compliance requirements under those laws. Because the platforms have not obtained the required approvals, the notice states the infrastructure supporting the wallets is illegal under current banking rules. The directive applies to banks, specialized deposit-taking institutions, electronic money issuers and payment service providers.

The central bank warned that institutions providing banking, payment, card acquiring, settlement or related services in support of such arrangements must discontinue that support immediately and that the order is mandatory. Firms that do not sever ties with unauthorized crypto dollar-wallet providers face unspecified supervisory or enforcement actions.

The Bank of Ghana established a virtual asset desk to handle inquiries from businesses seeking registration guidance or technical clarity on compliance, including questions about a planned 2026 registration process. Regulated firms were instructed to review and end any arrangements that enable the funding, operation or settlement of the unauthorized foreign-currency wallets and to contact the virtual asset desk for guidance.