Bank of Ghana authorises nine institutions to serve as FX brokers

The Bank of Ghana has authorised nine institutions to serve as Foreign Exchange (FX) brokers.

They are Black Star brokerage, CSI, Capital, Fenics MD, ICAP African Brokers Limited, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Limited.

The authorisation takes effect from January 1, 2023 to December 31, 2023, a statement signed by Mrs Sandra Thompson, the Secretary, Bank of Ghana issued to the Ghana News Agency in Accra has said.

The statement said 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.

It said an FX broker is to particularly note that “it 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 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,” the statement added.

Source: GNA