Bank of Ghana has granted approval to 16 Foreign Exchange (FX) brokers to commence operations on the Ghana Interbank Forex Market from January 1 to December 31, 2024.
This authorization aligns with Section 3.13.1 of the Ghana Interbank Forex Market Rules, stipulating that local and international FX Brokers must receive prior approval from the Bank of Ghana at the beginning of each year.
The approved FX Brokers include Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities, Terika Financial Services Ltd., Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities, and SIC Brokerage.
However, the Bank of Ghana emphasised its right to delist any authorised FX Broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.
It further cautioned FX Brokers operating in the country “not to deal directly with a corporate entity; it shall not also buy or sell foreign exchange for its own account nor hold, borrow or lend foreign exchange to an authorised market participant.”