Bank Of Ghana Will Require all FX Bureaus To Use Its Newly Launched Centralised FX Trading Platform

The Bank of Ghana (BOG) has launched a centralised foreign exchange trading platform for online forex trading.

On August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies.

What They’re Saying

The BOG says 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).

Requirements Of FX Bureaus

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.

Usage of the Platform

All Foreign Exchange Bureaux transactions shall be conducted on the new trading platform.

Issuance of Electronic Receipt

Foreign Exchange Bureaux is required to issue electronic receipts to customers for all purchases and sales of foreign currencies.

Verification of Customer Identity

All persons seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for Foreign Nationals) and undergo biometric verification.

Digging Deeper

The platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.

It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.

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