BoG deploys centralised foreign exchange trading platform effective August 1

Ghana’s Central Bank has announced the deployment of a centralised foreign exchange trading platform to promote integrity and enhance the country’s financial system.

In a statement issued by the apex bank on July 30, 2024, all licensed Foreign Exchange Bureaux operating in the country will be required to use this platform for buying and selling foreign currencies, effective Thursday August 1, 2024.

“This initiative marks a milestone in the Bank’s efforts to ensure the safe and sound operations of the foreign exchange business.

“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), as amended, and other relevant notices and enactments,” the statement signed by the bank’s secretary, Sandra Thompson read.

The Bank of Ghana emphasized that buying and selling of foreign currencies must be conducted only at BoG licensed foreign currency dealers in the country.

“Foreign Exchange Bureaux are required to issue electronic receipts to customers for all purchases and sales of foreign currencies,” it stated.

The BoG also mentioned that 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,” the apex bank said.



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