Dr. Ernest Addison, BoG Governor
THE BANK of Ghana has given authorisation for some 16 foreign exchange (FX) brokers to operate on the Ghana Interbank FX market effective January 01, 2024, to December 31, 2024.
The central bank, which made this known in its latest notice, signed by Sandra Thompson, its Secretary, said this was in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules which stipulates that “Local and International FX Brokers who want to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year.”
The approved foreign exchange brokers are Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities, Terika Financial Services Ltd and Serengeti Limited. The rest are IC Securities, GFX Brokers, Laurus Africa, Shadeya International Investments Ltd, Apakan Securities and SIC Brokerage.
According to the Bank of Ghana, it reserves the right to delist any authorised Foreign Exchange Broker for non-performance or non-compliance with the Foreign Exchange Act 2006 (Act 723) and the Ghana Interbank FX Market Conduct rules.
It also noted that an FX Broker was to particularly note that “it shall not 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.”
A business desk report