The Bank of Ghana (BoG) has released the list of authorized foreign exchange (FX) brokers permitted to operate within the Ghana Interbank Forex Market for the 2025 calendar year.
This announcement complies with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which mandates prior approval for local and international FX brokers.
In a notice signed by Ms. Sandra Thompson, Secretary of the Bank of Ghana, 15 FX brokers have been granted authorization to operate from January 1, 2025, to December 31, 2025.
The authorized brokers are:
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 (Cross-Border Payments and Financial Services Providers) CSL Capital (Cross-Border Payments and Financial Services Providers) StoneX Financial Limited (Cross-Border Payments and Financial Services Providers)
The Bank of Ghana outlined several conditions for the authorized brokers:
Reporting Requirements: Brokers must submit mid-day and end-of-day reports detailing pricing and volumes. Compliance: Adherence to the Ghana Interbank FX Market Conduct rules is mandatory. Non-compliance may result in penalties or revocation of authorization. Renewal: Brokers must apply for renewal by the first working week of December each year.
Prohibition of Proprietary Trading: Brokers are prohibited from trading forex for their own accounts or holding forex for authorized participants. Operational Integrity: Brokers must ensure robust systems against cybercrime and maintain transparency in pricing. Intermediary Role: FX brokers must act strictly as intermediaries between banks on the interbank market.
Special rules apply to brokers involved in cross-border payments and financial services:
Daily end-of-day reports must include pricing, volumes, and sources of inflows. Pricing should reflect market dynamics and be within revealed rates by partner banks. Providers can engage with a maximum of five partner banks for forex flow termination. Any restructuring, such as mergers or name changes, must be promptly reported to the BoG.
The Bank of Ghana reserves the right to delist brokers for non-compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules, or Post Authorization Guidelines for Forex Brokers.
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Source: classfmonline.com
