In line with its objective to ensure the integrity and development of the financial system, the Bank of Ghana has launched a centralised foreign exchange trading platform.
From the beginning of August 1, 2024, all licensed Foreign Exchange Bureaux are required to use the platform for the buying and selling of foreign currencies.
A statement issued by the BoG in Accra last Tuesday, and signed by the Secretary, Ms Sandra Thompson, said, “This initiative marks a milestone in the bank’s efforts to ensure safe and sound operations of the foreign exchange business.”
The statement said the platform would 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.
To ensure full utilisation and realisation of the system’s objectives, the BoG stressed that the trading of foreign currencies should be done with licensed dealers only.
“The buying and selling of foreign currencies shall only be conducted at Bank of Ghana licensed foreign currencies dealers, which include licensed Foreign Exchange Bureaux,” the statement said.
The statement said all Foreign Exchange Bureaux transactions should be conducted on the new trading platform.
It said Foreign Exchange Bureaux were required to issue electronic receipt to customers for all purchases and sales of foreign currencies.
The statement said in line with BoG’snotice number 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 (for Foreign Nationals) and undergo biometric verification.
It said the platform had been integrated with the National Identification System to ensure all purchases and sales of foreign currencies were performed by verified individuals.
The statement said the platform would also be integrated with the national payment platform to support electronic payments and the receipt of Ghana cedis for foreign currency transactions at bureaux.
“The public is reminded that the buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers,” the country statement said.
STORIES: KINGSLEY ASARE