The Bank of Ghana (BoG) has unveiled a centralised foreign exchange trading platform.
In a statement signed by the Secretary to the Bank of Ghana, Sandra Thompson, it explained that the decision aligns with the bank’s goal to maintain the integrity and development of the financial system.
Starting August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for conducting foreign currency transactions.
“This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business. 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 BoG stated.
The statement emphasised that all foreign currency transactions must be conducted through Bank of Ghana licensed dealers, including licensed Foreign Exchange Bureaux, and must be carried out on the new trading platform.
Read the statement below:
