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June 14, 2026
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Refrain from unauthorised fiat currency wallet services – BoG to banks, electronic money issuers
Money
Policy
Key Points
- The Bank of Ghana has directed all regulated financial institutions to stop facilitating unauthorized foreign currency fiat wallet services for users in Ghana.
- This directive specifically targets crypto platforms offering USD-denominated wallets through local bank transfers and payment channels.
- The Central Bank states these crypto platforms are operating without the necessary authorization under Ghanaian financial laws.
- Key legislation cited includes the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).
- Failure to comply with the directive will result in supervisory or enforcement actions against the non-compliant financial institutions.
Why This Matters
This directive is highly significant for Ghana as it underscores the Central Bank's commitment to maintaining financial stability and enforcing existing regulatory frameworks. It aims to prevent unregulated foreign currency transactions that could undermine the Cedi's stability, bypass capital controls, and expose consumers to unauthorized financial risks. This move reinforces the BoG's authority over the financial ecosystem, including emerging digital payment spaces.
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