The Bank of Ghana (BoG) has authorized 15 foreign exchange (FX) brokers to operate in the Ghana Interbank Foreign Exchange Market for the year 2025. This decision aligns with Section 3.13.1 of the Ghana Interbank Forex Market Conduct Rules, which requires both local and international FX brokers to secure annual approval before engaging in the country’s forex market.
The list of authorized brokers includes the following:
IC Securities
SIC Brokerage
Black Star Brokerage
Serengeti Limited
Obsidian Acherner
Regulus
Sarpong Capital
Terika Financial Services Ltd
Laurus Africa
Shadeya International Investments Ltd
Savvy Securities
GFX Brokers
Crown Agents
CSL Capital
StoneX Financial Limited
Of these, Crown Agents, CSL Capital, and StoneX Financial Limited have been designated as Cross-Border Payments and Financial Services Providers.
The authorization, valid from January 1 to December 31, 2025, is subject to strict post-authorization conditions. The Bank of Ghana emphasized its authority to revoke approval for non-compliance with relevant regulations, including the Foreign Exchange Act of 2006 (Act 723), the Interbank FX Market Conduct Rules, and the Post-Authorization Guidelines for Forex Brokers.
FX brokers must adhere to several requirements, including submitting interim and end-of-day trading reports, implementing robust cybersecurity systems, and operating strictly as intermediaries between banks in the Interbank Forex Market without direct dealings with corporate entities. Non-compliance may result in penalties, including the withdrawal of authorization.
Similarly, Cross-Border Payments and Financial Services Providers are required to comply with additional rules, such as ensuring accurate pricing based on market trends and fulfilling stringent reporting obligations. Breaches of these conditions could also lead to the loss of authorization.
The Bank of Ghana’s decision underscores its commitment to maintaining a regulated and transparent forex market, aligning with international standards. By establishing a clear list of authorized brokers and operational guidelines, the BoG aims to promote stability and accountability in the forex market.
Source: TheDotNews