- The Bank of Ghana (BOG) has introduced a centralised online foreign exchange trading platform to promote secure and efficient operations in the foreign exchange market.
- The central bank mandated all licensed Foreign Exchange Bureaux to use the platform to buy and sell foreign currencies, effective August 1, 2024.
- “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 bank said in a statement.
This development follows the arrest of 13 individuals on July 31, 2024, by Ghana's tax force during a joint national security operation targeting illegal foreign currency exchange. The operation, which began on July 26, 2024, and is set to continue nationwide, aims to curb the depreciation of the cedi and regulate forex trading.
Recall that in May 2024, the BoG moved to set up a task force to monitor all foreign exchange bureaus to ensure compliance with their regulatory framework. It aimed to tackle the operations of illegal operators in the foreign exchange market, promote transparency in the market reduce the appeal of unofficial currency exchange channels and promote a cleaner foreign exchange market.
The bank confirmed that the platform will be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux. Foreign Exchange Bureaux will be required to issue electronic receipts to customers for all purchases and sales of foreign currencies.
The new platform integrates with the National Identification System, requiring individuals to provide a Ghana Card or Passport (for foreigners) and undergo biometric verification for foreign currency transactions. The Bank of Ghana emphasises that all currency exchanges must be conducted through licensed dealers.
Also in May, the Minister for Finance, Mohammed Amin Adam addressed Ghanaians that there is sufficient foreign exchange in the system to meet the country's needs. He cautioned the public against panic buying of forex, which can lead to unnecessary volatility in the exchange market.
