BoG Mandates Use of New Forex Trading Platform for All Licensed Bureaux Effective Today
In a bid to enhance the integrity and development of the financial system, the Bank of Ghana (BoG) has introduced a centralised foreign exchange trading platform.
Effective August 1, 2024, all licensed Foreign Exchange Bureaux are mandated to use this platform for buying and selling foreign currencies.
This initiative represents a significant step in the Bank’s efforts to ensure safe and sound operations within the foreign exchange sector.
The platform is designed to provide improved oversight for the Directors and Management of bureaux and to enhance the BoG’s capacity to monitor and supervise their activities in line with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, (Act 1044), and other pertinent regulations.
According to the BoG to ensure full utilisation and realisation of the system’s objectives, the following must be adhered to:
Exclusive Trading with Licensed Dealers: Transactions involving the buying and selling of foreign currencies must be conducted exclusively with BoG-licensed foreign exchange dealers, including licensed Foreign Exchange Bureaux.
Mandatory Platform Usage: All foreign exchange transactions are to be executed via the new centralised trading platform.
Electronic Receipts: Bureaux are required to issue electronic receipts to customers for all foreign currency purchases and sales.
Customer Identity Verification: In accordance with BoG Notice No. BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions,” individuals engaging in foreign currency transactions must present a Ghana Card or Passport (for foreign nationals) and undergo biometric verification.
The platform, the BoG notes, is integrated with the National Identification System to ensure all transactions are conducted by verified individuals and will also link with the national payment platform to facilitate electronic payments and the receipt of Ghana Cedis for foreign currency exchanges at bureaux.
