The Bank of Ghana (BoG) has introduced a centralized foreign exchange trading platform.
In a statement dated July 30, Sandra Thompson, Secretary to the Bank of Ghana, explained that this initiative aligns with the bank’s goal to maintain the integrity and development of the financial system.
Starting 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 enhance oversight for Directors and Management of bureaux and improve 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, along with other relevant notices and enactments.”
The BoG further emphasized that the buying and selling of foreign currencies shall only be conducted through Bank of Ghana-licensed dealers, including licensed Foreign Exchange Bureaux.
It underscored that all foreign exchange transactions by bureaux shall be conducted on the new trading platform.