The Bank of Ghana (BoG )has authorised 12 foreign exchange brokers and three cross-border payment providers to operate in the Ghana Interbank FX market in 2026.
The authorisation is in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct Rules, which requires local and international FX brokers to obtain annual approval to operate in the market.
Crown Agents Bank, CSL Capital and StoneX Financial Limited have also been authorised to operate as cross-border payments and financial services providers.
Under the post-authorisation conditions, the central bank has directed FX brokers to submit interim midday and end-of-day reports on pricing and volumes for each trading day through a designated electronic mail address.
Cross-border payment providers are similarly required to submit end-of-day reports covering pricing, transaction volumes and sources of inflows to the central bank.
The Bank of Ghana said it reserved the right to delist any authorised firm for non-performance or non-compliance with the Foreign Exchange Act, 2006 (Act 723), and the Interbank FX Market Conduct Rules.
The guidelines prohibit FX brokers from buying or selling foreign exchange for their own accounts, holding or lending foreign exchange, or dealing directly with corporate entities, as they are to operate solely as intermediaries between banks.
The central bank said brokers must operate strictly on a commission basis and are prohibited from incorporating commissions into pricing spreads.
For cross-border payment providers, the Bank of Ghana directed them to desist from “aggressively pricing forex” and ensure their rates reflect prevailing market dynamics within limits set by their partner banks.
Such providers are also restricted to a maximum of five partner banks for the termination of foreign exchange flows.
Both FX brokers and cross-border payment providers are required to maintain robust systems with safeguards against cybercrime and other technological threats, in line with the Bank of Ghana’s Cyber Security Directives.
The central bank further directed that significant structural changes, including mergers, takeovers or changes in company names, must be reported promptly, with evidence of regulatory approval where applicable.
The authorisations are valid from January 1, 2026, to December 31, 2026, with renewal applications required by the end of the first working week of December.
GNA
Edited by Kenneth Sackey
3 Jan. 2025
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