Ghana: BoG authorises Black Star Brokerage, 8 others to operate on Ghana Interbank FX market

The Bank of Ghana has given authorisation to nine FX (Foreign Exchange) Brokers to operate on the Ghana Interbank FX market, effective January 01, 2023 to December 31, 2023.

They are Black Star Brokerage, CSL Capital, Fenics MD, ICAP African Brokers Ltd, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.

The move is to ensure sanity in the FX market which came under severe pressure in 2022.

According to the Bank of Ghana, it reserves the right to delist any authorised FX broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.

It pointed out that an FX broker is to particularly note that “it 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 foreign exchange to an authorised market participant”.