BoG authorizes operationalisation of 16 FX brokers for 2024

The Bank of Ghana has approved some 16 Foreign Exchange (FX) brokers to begin operations on the Ghana Interbank Forex Market effective January 1 to December 31, 2024.

The authorization, according to the Central Bank is in accordance with section 3. 13. 1 of the Ghana Interbank Forex Market rules which states that local and international FX Brokers who wish to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the start of each year.

The FX Brokers consist of Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities, and Terika Financial Services Ltd.

The others are Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities, and SIC Brokerage.

The BoG, however, pointed out 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.

It further cautioned FX Brokers operating in the country “not to deal directly with a corporate entity; it shall not also buy or sell foreign exchange for its own account nor hold, borrow or lend foreign exchange to an authorized market participant.”

MA/NOQ

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