The Bank of Ghana (BoG) in an effort to ensure financial integrity and development of the financial system has launched a centralized foreign exchange trading platform.
All licensed foreign exchange bureaus in the country are required to utilize the platform for the selling and buying of foreign currencies effective today Thursday 1st, August 2024.
This initiative seeks to streamline and regulate forex operations as well as ensure transparency and compliance with financial regulations.
“In line with its objective to ensure the integrity and development of the financial system, the Bank of Ghana has launched a centralized foreign exchange trading platform. 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. 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.”
The Bank of Ghana also instructed that persons seeking to buy or sell foreign currencies must provide a Ghana Card or passport for foreign nationals and undergo biometric verification.
“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.”
According to the BOG, in order to ensure the full utilization and realization of the system’s objectives, the selling of and buying of foreign currency will only be conducted at Bank of Ghana licensed foreign currencies dealers, which include licensed Foreign Exchange Bureaux, all Foreign Exchange Bureaux transactions shall be conducted on the new trading platform, foreign Exchange Bureaux are required to issue electronic receipt to customers for all purchases and sales of foreign.
The Bank of Ghana further stated that the centralized foreign exchange trading platform has been integrated with National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.
Below is the statement from the Bank of Ghana
Story by: Alexander Kuuku Osei-Baidoo | univers.ug.edu.gh
