BoG rolls out centralised foreign exchange trading platform 1 August

The Bank of Ghana (BoG) has rolled out a centralised foreign exchange trading platform effective 1 August, an official statement has said.

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.

A statement issued by BoG on Tuesday (30 July) said the initiative marks a milestone in the bank’s efforts to ensure safe and sound operations of the foreign exchange business.

“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. Effective 1 August, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies.

“The platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals. It will 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 BoG statement said.

Deployment of a Centralised Platform 1 by Fred Dzakpata on Scribd

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