Bank of Ghana Launches Centralized Forex Trading Platform: New Regulations for Foreign Exchange Bureaux

Bank of Ghana Mandates Centralized Online Forex Trading Platform for All Licensed Foreign Exchange Bureaux

Bank of Ghana Launches Centralized Forex Trading Platform: New Regulations for Foreign Exchange Bureaux
Image credit: Nairametrics 

The Bank of Ghana (BOG) has introduced a centralized foreign exchange trading platform for online forex trading. Effective August 1, 2024, all licensed Foreign Exchange Bureaux are mandated to use this platform for buying and selling foreign currencies.

Improved Oversight and Compliance

According to the BOG, this new platform will enhance oversight for Directors and Management of bureaux, improving the Bank's ability to monitor and supervise their operations. This move is aimed at ensuring compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044).

Requirements for FX Bureaux

All foreign currency transactions must be conducted through licensed dealers, including licensed Foreign Exchange Bureaux. Additionally, every transaction must be carried out on the new trading platform, and electronic receipts must be issued to customers for all purchases and sales of foreign currencies.

Verification and Biometric Identification

Customers buying or selling foreign currencies must present a Ghana Card or Passport (for foreign nationals) and undergo biometric verification. The platform is integrated with the National Identification System to ensure that all transactions are performed by verified individuals.

Integration with National Payment Platform

The new platform is also integrated with the national payment system to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.