Ghana Central Bank Bans Crypto Forex Channels

Ghana’s Central Bank Halts Unregulated Crypto Forex Operations

The Bank of Ghana (BoG) has issued a strict directive, ordering all regulated financial institutions to immediately cease operations and ties with cryptocurrency platforms facilitating illicit foreign currency wallets in Ghana.

This move directly targets the proliferation of digital US dollar wallets that bypass traditional banking channels, which the central bank deems a violation of national financial laws.

Key Directives and Legal Grounds

• The directive applies broadly to banks, mobile money issuers, fintechs, and payment service providers.
• The BoG emphasizes that no cryptocurrency platform holds legal authority for cross-border parallel banking operations in Ghana.
• Violations are cited under the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).

Aim to Stabilize Foreign Exchange

The central bank has warned of severe penalties for non-compliance, asserting its determination to regain control over the nation’s foreign exchange landscape.

This aggressive stance comes amidst significant macroeconomic pressures on the Ghanaian cedi, with the BoG aiming to curb unauthorized financial flows and stabilize the national currency.