The Bank of Ghana (BoG) has authorized 16 Foreign Exchange (FX) brokers to commence operations on the Ghana Interbank Forex Market effective January 1 to December 31, 2024.

This is in accordance with section 3. 13. 1 of the Ghana Interbank Forex Market rules which provide that local and international FX Brokers who wish to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the start of each year.

The FX brokers granted the authorization are Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd.

The rest include Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities and SIC Brokerage.

The Central Bank stressed that it reserves the right to delist any authorized FX Broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules.

It also reminded the FX Brokers that they are 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 authorized market participant.