BoG authorizes licenses to 6 firms to operate FX Brokerage business

The Bank of Ghana (BoG) has on Monday October 7 confirmed it had issued approval licenses to 6 firms to commence operations on the Ghana Interbank Forex Market effective October 1, 2019 to December 31, 2020.

According to a statement by the central bank, the firms would join other commercial banks that have the approval to trade on behalf of their clients when it comes to participating in the foreign Exchange Market supervised by the Bank of Ghana.

The six firms are; ICAP FX Global, ICAP Plc, Obsidian Achemer, Fenics MD, Emerging Africa Ltd and Cougar.

The statement further noted: ‘’Section 3.13.1 of the Ghana Interbank Forex Market Conduct act stipulates; “Local and International FX Brokers who want to operate in Ghana's forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year. The Bank of Ghana shall publish a list of approved Local and International FX Brokers on its website”.