By Jibril Abdul Mumuni
Accra, June 15 GNA – The Bank of Ghana (BoG) has directed all banks and financial institutions to discontinue their involvement with unauthorised United States dollar (USD) wallet services operated by some cryptocurrency platforms.
The directive, sighted by the Ghana News Agency in a public notice, follows concerns by the central bank over the increasing use of foreign currency wallets in Ghana without regulatory approval.
According to the BoG, some crypto platforms were offering USD wallet services to users locally while relying on domestic banking institutions, payment cards, and other financial channels to facilitate transactions.
“These services have not been approved under existing regulatory frameworks,” the BoG noted.
It stated that such activities required authorisation in line with Ghana’s financial laws, including the Payment Systems and Services Act, 2019 (Act 987), and the Foreign Exchange Act, 2006 (Act 723).
The BoG has, therefore, instructed all regulated institutions including banks, payment service providers, and electronic money issuers to refrain from establishing or maintaining relationships that supported those services.
“Institutions currently engaged in such arrangements are directed to cease them with immediate effect,” it said.
The central bank cautioned that failure to comply with the directive could result in regulatory sanctions.
It also advised operators interested in providing USD wallet services to adhere to the appropriate registration and approval processes.
The measure forms part of efforts to promote compliance with financial regulations and safeguard the stability of the country’s financial system, the BoG said.
GNA
Edited by Agnes Boye-Doe