The Bank of Ghana (BoG) has introduced a centralized foreign exchange trading platform.
In a statement issued by Sandra Thompson, Secretary to the Bank of Ghana, it was clarified that this initiative supports the bank’s objective of preserving the integrity and advancement of the financial system.
Effective August 1, 2024, all licensed Foreign Exchange Bureaux must utilize this platform for handling foreign currency transactions.
“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 stated.
The statement emphasised that all foreign currency transactions must be conducted through Bank of Ghana licensed dealers, including licensed Foreign Exchange Bureaux, and must be carried out on the new trading platform.
Read the statement below:
