The Bank of Ghana (BoG) has officially launched a centralised foreign exchange trading platform, marking a significant step towards enhancing the integrity and development of the country’s financial system.
In a statement released on July 30, Sandra Thompson, Secretary to the Bank of Ghana, outlined the importance of this initiative, noting that it aligns with the bank’s broader objective of ensuring a robust and secure financial environment.
The platform is set to become mandatory for all licensed Foreign Exchange Bureaux in the country, starting from August 1, 2024.
According to the Bank of Ghana, this new platform will be crucial in safeguarding the operations of the foreign exchange market.
“This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business,” Thompson stated.
The platform is expected to enhance oversight for the Directors and Management of the bureaux while also improving the Bank’s ability to monitor and supervise these operations.
The BoG emphasized that the system would ensure full compliance with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act (Act 1044), and other relevant laws and regulations.
The BoG also clarified that all foreign currency transactions must now be conducted exclusively through licensed dealers, which include the Foreign Exchange Bureaux.
The introduction of this centralised platform is expected to bring more transparency and accountability to the foreign exchange market, with the Bank reiterating that all transactions will now need to be processed through this new system.
