Dr. Ernest Addison
The Bank of Ghana (BoG) has launched the centralised foreign exchange trading platform that will be effective August 1st, 2024.
A release signed by the BoG secretary, Sandra Thompson, said the launch of the platform is to boost the control for Directors of Management of Bureaux and enlarge the Bank’s surveillance and handling of their operations in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044), as amended, and it also complies with other relevant notices and enactments.
According to the release, all licensed foreign exchange bureaux must now use this platform when buying and exchanging foreign currencies, marking a milestone in the Bank’s attempts to establish sound and safe operations of the foreign exchange business.
It said the system’s objectives will be accomplished by following these four rules.
“First, the buying and selling of foreign currency is limited to Bank of Ghana licensed foreign currency dealers, including the Foreign Exchange Bureaux.
Second, all Foreign Exchange Bureaux transactions shall be conducted on this new trading platform. Third, the foreign exchange bureaux must issue an electronic receipt for all purchases and sales of foreign currencies.
Fourth, due to the Bank of Ghana’s Notice No.BG/GOV/SEC 01 titled ‘Use of Ghana Card for All Financial Transactions’, all persons seeking to buy or sell foreign currencies must provide a Ghana Card or Passport and undergo biometric verification,” it stated.
The platform, it indicated, is integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.
“It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureau,” it said.
By Malcolm Durfee