Bank of Ghana’s Directive Overview
The Bank of Ghana has issued a notice requiring all regulated financial entities to halt support for unauthorized fiat currency wallet operations. This directive is aimed at controlling crypto platforms offering USD wallets within Ghana.
Regulatory Compliance Measures
The directive, effective as of June 12, 2026, stresses compliance with the Payment Systems and Services Act, 2019 and the Foreign Exchange Act, 2006. Institutions are ordered to cease any partnerships facilitating these unauthorized services.
Entities Impacted by the Directive
Affected entities include banks, electronic money issuers, and payment service providers, who must quickly discontinue support for unauthorized foreign currency wallets.
Potential Consequences for Non-compliance
The BoG warns that non-compliance could lead to enforcement actions. However, the bank provides pathways for Virtual Asset Service Providers (VASPs) to seek compliance support.
Future Opportunities for Regulated Services
While current operations are restricted, regulated VASPs may find opportunities within the legal framework by adhering to the necessary regulations.
Additionally, stakeholders in the region might look to insights on how the African payments landscape is evolving through strategic investments and partnerships.