BoG authorizes 9 entities to undertake FX broker transactions

The Bank of Ghana has granted authorization to some nine forex exchange (FX) broker institutions for the transaction of local and international FX on the forex market.

In a statement issued by the Central Bank and sighted by GhanaWeb Business, it explained that the development comes after the institutions have been granted approval per Section 3.13. 1 of the Ghana Interbank FX Market Conduct rules.

It added that they are to operate on the Ghana Interbank FX market effective January 1, 2023 to December 31, 2023.

The entities listed are; Black Star Brokerage; CSL Capital; Fenics MD; ICAP African Brokers Limited; Obsidian Acherner; Regulus; Sarpong Capital; Savvy Securities and Terika Financial Services Limited.

The BoG further mentioned that it reserves the right to delist any authorized FX broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.

The Central Bank added 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 to foreign exchange to an authorized market participant.”

See the full statement below:





MA/FNOQ