Bank of Ghana authorises 9 institutions to serve as FX brokers

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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 said.

The statement said the BOG reserved the right to delist any authorised FX broker for non-performance or non-compliance with 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”.

credit: GNA

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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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