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The Bank of Ghana (BoG) has unveiled a new centralized online foreign exchange (forex) trading platform, mandating its use by all licensed Foreign Exchange Bureaux for buying and selling foreign currencies, effective August 1, 2024.
This platform is designed to enhance the security and efficiency of forex market operations, improve oversight for bureau directors and management, and strengthen the BoG’s regulatory and supervisory roles in alignment with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act (Act 1044), and other pertinent regulations.
The launch of this platform follows a recent national security operation that commenced on July 26, 2024, which resulted in the arrest of 13 individuals on July 31, 2024, for illegal foreign currency exchange activities. This crackdown aims to address the depreciation of the cedi and regulate forex trading by targeting illicit operations.
In May 2024, the BoG formed a task force to ensure that foreign exchange bureaus adhere to regulatory standards. The task force’s goals include curbing illegal activities, promoting transparency in the forex market, reducing the reliance on unofficial exchange channels, and fostering a more regulated forex environment.
The new platform will integrate with the national payment system, facilitating electronic payments and the receipt of Ghana Cedis for forex transactions. Transactions at Foreign Exchange Bureaux will now require electronic receipts. Additionally, the system will interface with the National Identification System, requiring individuals to present a Ghana Card or Passport (for foreigners) and undergo biometric verification for forex transactions. The BoG underscores that all currency exchanges must be conducted through licensed dealers to ensure compliance and integrity in the forex market.
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