Prime News Ghana

BoG authorizes 16 entities to undertake FX broker transactions

By Vincent Ashitey
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The Bank of Ghana has granted authorization to some 16 forex exchange (FX) broker institutions for the transaction of local and international FX on the forex market.

In a statement issued by the Central Bank, it explained that the development comes after the institutions have been granted approval per Section 3.13. 1 of the Ghana Interbank FX Market Conduct rules.

It added that they are to operate on the Ghana Interbank FX market effective January 1, 2024 to December 31, 2024.

The entities listed are; Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.

The rest include Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities and SIC Brokerage.

The Central Bank stressed that it reserves the right to delist any authorized FX Broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.

It also reminded the FX Brokers that they are shall not deal directly with a corporate entity; it shall not also buy or sell foreign exchange for its own account nor hold, borrow or lend foreign exchange to an authorized market participant.