The Bank of Ghana (BOG) has launched a centralized forex trading platform for online forex trading.
On August 1, 2024, all licensed Foreign Exchange Offices will have to use this platform to buy and sell foreign currencies.
What they say
BOG says the platform will improve oversight for directors and office management and enhance the Bank’s monitoring and supervision of their operations under the Foreign Exchange Act of 2006 (Act 723) and the Anti-Money Laundering Act proceeds from illegal activities (Law 1044).
Requirements of FX Offices
Foreign currency transactions only with authorized dealers
The purchase and sale of foreign currencies will only take place at Bank of Ghana authorized foreign currency dealers, which include licensed Foreign Exchange Offices.
Use of the Platform
All transactions at the Foreign Exchange Offices will be carried out on the new trading platform.
Issuance of Electronic Receipt
Exchange Offices are required to issue electronic receipts to customers for all foreign currency purchases and sales.
Customer Identity Verification
All persons wishing to buy or sell foreign currencies must present a Ghanaian Card or Passport (for Foreign Nationals) and undergo biometric verification.
Digging deeper
The platform is integrated with the National Identification System to ensure that all purchases and sales of foreign currencies are made by verified individuals.
It will also be integrated into the national payment platform to support electronic payments and receipt of Ghana Cedis for foreign currency transactions at offices.
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