The Bank of Ghana (BoG) has rolled out a centralized foreign exchange trading platform, effective August 1, 2024, aimed at enhancing the integrity of the country’s financial system.
As part of the new measures, all licensed Foreign Exchange Bureaux in Ghana are now mandated to verify customer identities using either a Ghana Card or a Passport before conducting any transactions.
This initiative represents a significant step towards promoting safe and sound operations within the foreign exchange market, according to a statement by the BoG.
The new platform is designed to improve oversight and ensure that foreign exchange activities are transparent and in full compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044).
Key features of the system include exclusive trading with Bank of Ghana licensed dealers, mandatory use of the centralized platform for all transactions, and the issuance of electronic receipts to customers.
“This integration with the National Identification System ensures that all transactions are conducted by verified individuals, thereby safeguarding the financial system from potential abuse,” the BoG stated.
The Bank of Ghana also stressed that these changes are part of a broader strategy to strengthen regulatory compliance and financial security across the sector.
By requiring strict identity verification and linking the platform with the national payment system, the BoG aims to make foreign exchange transactions more secure and transparent.
