The Bank of Ghana is introducing a centralized foreign exchange trading platform to enhance financial system integrity. Starting August 1, 2024, all licensed Foreign Exchange Bureaux must verify customer identities using Ghana Cards or Passports before transactions. This initiative aims to improve oversight and compliance with relevant regulations.
Per a Bank of Ghana statement, key requirements for the full utilization of the system include:
1. Trading with Licensed Dealers Only: The buying and selling of foreign currencies must be conducted exclusively through Bank of Ghana licensed dealers, including licensed Foreign Exchange Bureaux.
2. Platform Usage: All transactions at Foreign Exchange Bureaux must be conducted on the new centralized trading platform.
3. Electronic Receipts: Foreign Exchange Bureaux are mandated to issue electronic receipts to customers for all purchases and sales of foreign currencies.
4. Customer Identity Verification: In line with Bank of Ghana’s Notice No. BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions”, individuals seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for foreign nationals) and undergo biometric verification.
The platform integrates with the National Identification System to ensure verified individuals conduct foreign currency transactions. Linked to the national payment system, it facilitates electronic payments for these transactions at bureaux. The Bank of Ghana mandates that all foreign exchange transactions be through licensed dealers, enhancing financial system security and integrity.
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