The Bank of Ghana has authorized nine (9) institutions to act as the best foreign exchange brokers.
The Bank of Ghana has granted permission to nine institutions to act as Foreign Exchange (FX) Brokers.
Black Star brokerage, CSI Capital, Fenics MD, ICAP African brokers limited, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities, and Terika financial services limited are among them.
The authorization is valid from January 1, 2023 to December 31, 2023, according to a statement signed by Mrs Sandra Thompson, Secretary of the Bank of Ghana.
The BOG reserved 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, according to the statement.
It specifically states that an FX broker “shall not deal directly with a corporate entity; it shall also not buy or sell foreign exchange for its own account, nor shall it hold, borrow, or lend foreign exchange to an authorised market participant.”
Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules stipulates that: “local and International Foreign Exchange 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”.
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