Bank of Ghana Orders Banks to Halt Unapproved Crypto USD Wallets on June 12

On June 12, the Bank of Ghana ordered local banks to immediately halt operations supporting unauthorized cryptocurrency platforms offering foreign currency wallet services, primarily in U.S. dollars. The central bank stated that these arrangements violate the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006, as the crypto platforms lack formal authorization to conduct such activities.

Effective immediately, the directive applies to banks, deposit-taking institutions, electronic money issuers, and payment service providers. Financial institutions failing to discontinue support will face immediate supervisory or enforcement actions from the regulator.