BoG launches centralised forex trading platform
In a bid to ensure the integrity and development of Ghana’s financial system, the Bank of Ghana (BoG) has launched a centralised foreign exchange trading platform. Starting August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for buying and selling foreign currencies.
The move represents a major milestone in the Bank’s ongoing efforts to ensure the safe and sound operation of the foreign exchange business.The new platform will provide improved oversight for the Directors and Management of the bureaux and will enhance the Bank’s monitoring and supervision of their operations. This is in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044), as amended, along with other relevant notices and enactments.
To ensure the full utilisation and realisation of the system’s objectives, the following guidelines have been established:
Trading of Foreign Currencies with Licensed Dealers Only
The buying and selling of foreign currencies shall only be conducted through Bank of Ghana licensed foreign currency dealers, which include licensed Foreign Exchange Bureaux.
Usage of the Platform
All Foreign Exchange Bureaux transactions must be conducted on the new trading platform.
Issuance of Electronic Receipts
Foreign Exchange Bureaux are required to issue electronic receipts to customers for all purchases and sales of foreign currencies.
Verification of Customer Identity
The statement said “in accordance with Bank of Ghana’s Notice No. BG/GOV/SEC/01 titled ‘Use of Ghana Card for All Financial Transactions’, all individuals seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for Foreign Nationals) and undergo biometric verification.”
The platform has been integrated with the National Identification System to ensure that all purchases and sales of foreign currencies are conducted by verified individuals. Additionally, it will be linked with the national payment platform to support electronic payments and the receipt of Ghana cedis for foreign currency transactions at bureaux.
The Bank reminded the public that the buying and selling of foreign currencies should only be conducted with Bank of Ghana licensed foreign currency dealers.
