The Bank of Ghana will tomorrow August 1 deploy a centralised foreign exchange trading platform for all forex trade in the country.

The BOG sasy the move is in line with its objective to ensure the integrity and development of the financial system.

“Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use
this platform for the buying and selling of foreign currencies. This initiative marks a
milestone in the Bank’s efforts to ensure safe and sound operations of the foreign
exchange business.” excerpts of a statement by the central bank reads.

The central bank also anticipates “the platform will improve oversight for Directors and Management
of bureaux and enhance the Bank’s monitoring and supervision of their operations in
compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money
Laundering Act, (Act 1044), as amended, and other relevant notices and enactments.”

This will be the second significant step taken by the Bank of Ghana is tackling illegal forex operators after in May, 2024, Governor, Dr. Ernest Addison directed all operators to desist from publishing rates outside their location and particularly on social media.

The BOG has outlined the following steps that must be adhered to in the utilization of the system;

i. Trading of Foreign Currencies with Licensed Dealers Only: The buying and
selling of foreign currencies shall only be conducted at Bank of Ghana licensed
foreign currencies dealers, which include licensed Foreign Exchange Bureaux.
ii. Usage of the Platform: All Foreign Exchange Bureaux transactions shall be
conducted on the new trading platform.
iii. Issuance of Electronic Receipt: Foreign Exchange Bureaux are required to
issue electronic receipt to customers for all purchases and sales of foreign
currencies.
iv. Verification of Customer Identity: In line with Bank of Ghana’s Notice No.
BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions”, all
persons seeking to buy or sell foreign currencies must provide a Ghana Card or
Passport (for Foreign Nationals) and undergo biometric verification.

Below is the full release by the central bank