No Ghana Card, no change of currency begins today

The Bank of Ghana (BoG) has announced that effective today, August 1, 2024, all licensed Foreign Exchange Bureaux in Ghana must verify customer identities using Ghana Cards or Passports before conducting any transactions.

This update to its foreign exchange trading system, is a platform designed to enhance the integrity and development of the financial system.

The initiative seeks to improve oversight for the Directors and Management of the bureaux and enhance the Bank’s ability to monitor and supervise their operations in compliance with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, (Act 1044), and other relevant regulations.

Key requirements include trading exclusively with Bank of Ghana licensed dealers, conducting all transactions on the centralized trading platform, issuing electronic receipts, and verifying customer identities through biometric verification using Ghana Cards or Passports.

The integration of the platform with the National Identification System ensures that all foreign currency transactions are conducted by verified individuals.

The platform is linked with the national payment system to facilitate electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.

The Bank of Ghana emphasized that all foreign exchange transactions must be conducted through licensed dealers, reinforcing the importance of regulatory compliance.