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BoG gives authorisation to Black Star Brokerage, 8 other FX brokers to operate in Ghana

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The Bank of Ghana has given authorisation to nine foreign exchange brokers to operate in Ghana for the year 2023.

1 year(s) ago
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The Bank of Ghana has given authorisation to nine foreign exchange brokers to operate in Ghana for the year 2023.

In a statement signed by Secretary Sandra Thompson and dated Thursday, 5 January 2023, the BoG said: “Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules stipulates: ‘local and international foreign exchange (FX) brokers who want to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year. The Bank of Ghana shall publish a list of approved local and international FX brokers on its website’”.

It said in line with the above, the Bank of Ghana has given authorisation to some FX brokers to operate on the Ghana Interbank FX market effective January 01, 2023, to December 31, 2023.

They include Black Star Brokerage, CSL Capital, Fenics MD, ICAP African Brokers Ltd, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.

The Bank of Ghana said it reserves the right to delist any authorised FX broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.

The central bank warned the FX brokers that they “shall not deal directly with a corporate entity”, “not buy or sell foreign exchange” for their “own account nor hold, borrow or lend foreign exchange to an authorised market participant”.

source: classfmonline.com