Bank of Ghana Upgrades Foreign Exchange System

The Bank of Ghana has taken a significant step towards strengthening the country’s financial system with the introduction of a centralized foreign exchange trading platform.

Effective August 1, 2024, all licensed Foreign Exchange Bureaux in Ghana will be required to use this new platform to conduct foreign exchange transactions. The platform is designed to ensure the integrity and development of the financial system by providing a secure and transparent way to conduct foreign exchange transactions. To achieve this, the Bank of Ghana has outlined several key requirements for the use of the platform.

Firstly, all customers seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for foreign nationals) and undergo biometric verification. This ensures that all transactions are conducted by verified individuals, reducing the risk of fraud and other illicit activities.

Secondly, all transactions must be conducted exclusively on the new platform, which is linked to the National Identification System and the national payment system. This allows for real-time monitoring and supervision of foreign exchange operations, enabling the Bank of Ghana to detect and prevent any suspicious activities.

Thirdly, all Foreign Exchange Bureaux are mandated to issue electronic receipts to customers for all purchases and sales of foreign currencies. This provides a clear audit trail and helps to prevent money laundering and other financial crimes.

Finally, the platform requires all foreign exchange transactions to be conducted through licensed dealers only. This ensures that all transactions are conducted in compliance with regulatory standards, promoting a safe and sound financial system. By introducing this centralized foreign exchange trading platform, the Bank of Ghana is demonstrating its commitment to enhancing the security, integrity, and transparency of the financial system. This move is expected to promote confidence in the foreign exchange market and support the country’s economic growth and development.