9 FX brokers receive BoG authorisation to trade on Interbank forex market
Nine (9) foreign exchange brokers have received authorisation from the Bank of Ghana to operate on the Ghana Interbank FX market.
Trade in foreign exchange (FX) by the nine (9) brokers takes effect from January 1, 2023 to December 31, 2023.
A statement by the Central Bank named the nine (9) FX brokers as being: Black Star Brokerage, CSL Capital, Fenics MD, ICAP African Brokers Ltd, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.
According to the BoG, the move is to ensure sanity in the FX market which came under severe pressure in 2022.
According to the Bank of Ghana, it reserves the right to delist any authorised FX broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.
The apex bank further noted that an FX broker, “shall not deal directly with a corporate entity; it shall not also buy or sell foreign exchange for its own account nor hold, borrow or lend foreign exchange to an authorised market participant”.
