The Bank of Ghana (BoG) has declared that starting August 1, 2024, all licensed Foreign Exchange Bureaux must request the Ghana Card from individuals before conducting any transactions.
This announcement follows the launch of a centralized foreign exchange trading platform, aligned with the BoG’s goal to uphold the integrity and development of the financial system.
“Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies. This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business,” the BoG stated.
The BoG clarified that this platform will enhance oversight for bureau directors and management, and bolster the Bank’s monitoring and supervision of their operations to ensure 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 regulations.
To guarantee the full utilization and effectiveness of the system, the following requirements must be met:
- Trading of Foreign Currencies with Licensed Dealers Only: Transactions involving the buying and selling of foreign currencies must be conducted solely with Bank of Ghana licensed foreign currency dealers, including licensed Foreign Exchange Bureaux.
- Usage of the Platform: All transactions by Foreign Exchange Bureaux must be carried out on the new trading platform.
- Issuance of Electronic Receipts: Foreign Exchange Bureaux are mandated to provide electronic receipts to customers for all foreign currency transactions.
- Verification of Customer Identity: In accordance with Bank of Ghana’s Notice No. BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions,” individuals wishing to buy or sell foreign currencies must present a Ghana Card or Passport (for Foreign Nationals) and undergo biometric verification.
The BoG also mentioned that the platform is integrated with the National Identification System to ensure that all foreign currency transactions are conducted by verified individuals. Additionally, it will be linked with the national payment platform to facilitate electronic payments and the receipt of Ghana Cedis for transactions at bureaux.
The public is reminded that foreign currency transactions must only be conducted with Bank of Ghana licensed foreign currency dealers,” the statement concluded.