The Bank of Ghana (BoG) has introduced a new centralized platform for trading foreign currencies among licensed foreign exchange bureaus, aimed at improving oversight and enhancing monitoring of bureau operations. The launch, effective August 1, 2024, is a significant step towards ensuring safe and sound operations within the foreign exchange business.
“This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business,” stated BoG Secretary Sandra Thompson. The platform will provide better oversight for directors and management of bureaus, enhancing the Bank’s supervision and compliance with relevant laws and regulations.
Key requirements for using the platform include issuing electronic receipts for all currency transactions and verifying customer identities using Ghana Card biometrics. The system is integrated with the National Identification System and will soon be linked to the national payment platform, allowing electronic payments and receipt of Ghana Cedis in currency exchanges. This new platform aims to streamline forex trading and bolster the transparency and efficiency of the forex market in Ghana.
