BoG Launches Centralized Forex Platform

The Bank of Ghana (BoG) has launched a centralized foreign exchange trading platform.

In a statement dated July 30, Sandra Thompson, Secretary to the Bank of Ghana, explained that the decision is in line with the bank’s objective to ensure the integrity and development of the financial system.

According to the BoG, effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for buying and selling foreign currencies.

“This initiative marks a milestone in the Bank’s efforts to ensure 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 BoG added that the buying and selling of foreign currencies shall only be conducted at Bank of Ghana licensed foreign currencies dealers, which include licensed Foreign Exchange Bureaux.

It stressed that all foreign Exchange Bureaux transactions shall be conducted on the new trading platform.

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Source: Citinewsroom