• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Online forex trading illegal, not regulated – BoG says

3 years ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News, Markets, Reports
2 min read
0 0
0
373
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Online forex trading illegal, not regulated – BoG says

Online forex trading, the Bank of Ghana (BoG) asserts, is illegal and not regulated in the country.

According to the Central Bank, Section (3) of the Foreign Exchange Act, 2006 (Act 723) prohibits persons from trading in forex whether online or otherwise without a license from the Bank.

Adding that, licences issued particularly to Forex bureaux for foreign exchange transactions are meant solely for on-the-spot selling and buying of foreign currencies.

The assertion by the Central Bank is contained in its occasional financial literacy education document, informing the general public on the activities of forex bureaux in the country.

Is online forex trading legal or regulated in Ghana?

No! Section 3(1) of the Foreign Exchange Act, 2006 (Act 723) prohibits persons from trading in forex (online or otherwise) without a licence from Bank of Ghana.

The licence issued to foreign exchange bureaux by Bank of Ghana permits them to engage ONLY in on–the–spot selling and buying of foreign currencies.

On-the-spot buying and selling of foreign currency refers to the purchase or sale of foreign currencies at the prevailing exchange rate at the time of sale or purchase of a foreign currency.

Additionally, the Central Bank asserts that forex bureaux are prohibited from engaging in forex forward exchange rate trading.

RelatedPosts

Current Economic Stability Not Permanent – Presidential Economic Advisor Warns Against Complacency

Gov’t Replenishing Sinking and Stabilisation Funds to Guard Against Future Economic Shocks – Seth Terkper

Government Targets Recovery of GHS 560m Lost to NSS Ghost Names Scheme

Forex forward or forward exchange rate trading, refers to an exchange rate agreed on by both the seller and buyer of the foreign currency with the transaction between the two scheduled for a later date.

“It is unlawful for you to deposit Ghana Cedis with a foreign exchange bureau at an agreed rate and collect the foreign currency equivalent at a later date,” stated the Bank.

The BoG also advised the public against dealing with ‘black market’ operators noting that individuals are likely to trade in fake currency, be drawn into money laundering and terrorist financing or attacked by armed robbers.

Read details of document below:

BOG Notice BG GOV SEC 2022 07 Foreign Exchange Bureau Daily Graphic Publication Reviewed Clean by Fuaad Dodoo on Scribd

Source: norvanreports
Tags: Bank of Ghana (BoG)not regulated – BoG saysOnline forex tradingOnline forex trading illegal
No Result
View All Result

Highlights

Ghana’s Construction Sector Set to Expand by 7.6% in 2025 Amid Post-Crisis Recovery — Fitch Solutions

IMF Backs Ghana’s Fuel Levy Hike, Describes Move as Prudent for Fiscal Consolidation

GSE Market Indices Dip as Trade Volumes Slump by Over 80%

President Mahama Selects Kotoko and Hearts of Oak for President’s Cup on July 6

Thrilling Performances at Oslo Diamond League: Warholm, Duplantis, and Alfred Shine with Bolt in Attendance

My Second Visit to the World Health Assembly in 25 Years Left Me Hopeful — Here’s Why

Trending

Business

Current Economic Stability Not Permanent – Presidential Economic Advisor Warns Against Complacency

June 13, 2025

Current Economic Stability Not Permanent – Presidential Economic Advisor Warns Against Complacency Ghana’s current macroeconomic stability is...

Gov’t Replenishing Sinking and Stabilisation Funds to Guard Against Future Economic Shocks – Seth Terkper

June 13, 2025

Government Targets Recovery of GHS 560m Lost to NSS Ghost Names Scheme

June 13, 2025

Ghana’s Construction Sector Set to Expand by 7.6% in 2025 Amid Post-Crisis Recovery — Fitch Solutions

June 13, 2025

IMF Backs Ghana’s Fuel Levy Hike, Describes Move as Prudent for Fiscal Consolidation

June 13, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok