The Bank of Ghana has ordered all banks, mobile money operators, and payment platforms to stop working with unauthorised cryptocurrency wallets. If you hold digital money in crypto wallets linked to your Ghanaian bank account, this matters to you.
Here’s what happened and what you should do.
What the Bank of Ghana Just Did
The central bank issued a directive telling all regulated financial institutions to immediately cut support for crypto platforms offering foreign currency wallets (mainly US dollar holdings) to Ghanaians without official approval.
The ban covers commercial banks, mobile money issuers, fintechs, payment service providers, and card processors. Any institution helping these platforms process payments, card transactions, or settlements must stop immediately and remove the technical systems that connect them.
Non-compliance carries strict penalties. The BoG warned that delays or failure to comply will attract regulatory action and supervisory sanctions, though it has not specified what those sanctions entail.
Why Is This Happening?
The BoG says it has noticed more crypto platforms offering digital US dollar wallets to Ghanaians, often marketed as easier ways to save money or move cash abroad without using the traditional banking system.
The central bank argues these services break Ghana’s Payment Systems and Services Act (2019) and the Foreign Exchange Act (2006). Essentially, the BoG says these companies are operating without authorization.
“No cryptocurrency company has been granted approval to run foreign currency wallet services or operate parallel banking systems in Ghana,” the BoG stated.
What This Means for You
If you hold money in a crypto wallet funded by MTN MoMo, a Ghana bank card, or a local bank transfer: Your bank or mobile money operator may soon disconnect that payment method. When they do, you won’t be able to easily top up or withdraw cash from that wallet using local payment channels.
If you already hold crypto in a wallet: Your holdings are not seized. But moving money in and out of Ghana just got harder. Domestic payment gateways will likely disappear.
If you were planning to open a crypto wallet: Linking it to your MTN MoMo or bank account will become difficult in the coming weeks.
What Should You Do?
Act quickly if you need to move money. Before your bank or MoMo operator cuts the link, withdraw your holdings or move them to a personal crypto wallet address (a long string of characters unique to you, not held by any company).
Don’t panic about your holdings being stolen. This is about payment channels, not security. Your crypto is safe in a personal wallet as long as you keep your password (called a “seed phrase”) private.
Expect friction for weeks or months. Banks and MoMo operators will need time to implement this. Check with your bank or call MTN customer care to ask when they’re cutting crypto wallet links.
Talk to your crypto exchange. If you use a Ghanaian crypto trading platform, contact them now to ask about their plan. Reputable ones will publish a notice.
The Bigger Picture
Ghana’s central bank is not banning cryptocurrency itself. It is blocking unauthorised financial services that operate outside its oversight. If a crypto company applies for and receives a license from the BoG, the rule might not apply.
But that is unlikely in the near term. For now, Ghanaians who want to hold or trade crypto will need to use international exchanges and international payment methods, which are likely to be slower and more expensive than local options.
Bottom line: If you’re holding crypto bought with Ghana money, move it to a personal wallet under your control before your payment gateway closes. And watch for announcements from your bank or MoMo operator in the coming weeks.
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