The Bank of Ghana (BoG) has officially launched a centralised platform for foreign exchange trading, a significant step aimed at enhancing the integrity and operational efficiency of the financial system. This new initiative will take effect on August 1, 2024, requiring all licensed Foreign Exchange Bureaux to utilize the platform for their currency transactions.
In a statement released on July 30, Sandra Thompson, Secretary to the Bank of Ghana, outlined the rationale behind the decision. She emphasized that the platform will strengthen oversight and allow for better monitoring and supervision by the BoG, ensuring compliance with the Foreign Exchange Act of 2006 and the Anti-Money Laundering Act, among other regulations.
“The launch of this platform signifies a pivotal moment in our continuous efforts to ensure safe and sound operations within the foreign exchange sector,” Thompson noted. She further explained that the centralised system will enable Directors and Management of the bureaux to enhance their operational oversight.
Notably, the new platform mandates that all transactions involving buying and selling foreign currencies must be conducted through Bank of Ghana-licensed dealers, which include the licensed Foreign Exchange Bureaux. This move is expected to streamline processes and improve transparency in currency trading.
As Ghana seeks to bolster its financial sector, the implementation of this centralised forex platform is anticipated to facilitate smoother transactions and reinforce regulatory compliance, ultimately contributing to a more robust economy. The BoG’s commitment to these reforms reflects its broader objective of maintaining a stable and trustworthy financial system for all stakeholders involved.
Ashantibiz
