The Bank of Ghana (BoG) has launched a centralized online foreign exchange trading platform to improve the security and efficiency of the forex market. Effective August 1, 2024, all licensed Foreign Exchange Bureaux are mandated to use this platform for buying and selling foreign currencies.
The new platform aims to enhance oversight for Directors and Management of Forex bureaux while boosting the BoG’s ability to monitor and supervise operations in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, 2020 (Act 1044), among other regulations. This initiative follows a crackdown on illegal foreign currency exchange activities, which saw 13 individuals arrested on July 31, 2024, as part of a national security operation that started on July 26, 2024.
In May 2024, the BoG established a task force to oversee all foreign exchange bureaus, aiming to curb illegal forex operations, enhance market transparency, and discourage unofficial currency exchanges. This move seeks to stabilize the cedi and ensure a cleaner foreign exchange market.
The platform will be integrated with the national payment system to facilitate electronic payments and receipts in Ghana Cedis for foreign currency transactions. Bureaux will issue electronic receipts for all forex transactions. Additionally, the system will link with the National Identification System, requiring individuals to present a Ghana Card or Passport (for foreigners) and undergo biometric verification for transactions. All currency exchanges must be conducted through licensed dealers.
The introduction of this platform marks a significant step towards enhancing transparency, regulatory compliance, and market efficiency in Ghana’s foreign exchange market.
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