16 Companies get nod to operate on Ghana Interbank FX market
Bank of Ghana has given authorisation to 16 FX Brokers to operate on the Ghana Interbank FX market, effective January 1, 2024, to December 31, 2024.
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They are Black Star Brokerage, CSL Capital, Fenics MD, ICAP Broking Services South Africa, Obsidian Acherner, Regulus, Sarpong Capital and Savvy Securities.
The rest are Terika Financial Services Ltd, Serengeti Limited, IC Securities, GFX Brokers, Laurus Africa, Shadeya Investments, Apakan Securities and SIC Brokerage.
Rules
The move, which is in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, stipulates that “Local and International FX Brokers who want to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year”.
According to a release signed by the Secretary to Bank of Ghana, Sandra Thompson, “the Bank of Ghana reserves the right to delist any authorised FX Broker for non-performance or non-compliance with the FX Act and the Interbank FX Market Conduct rules”.
It added that an FX Broker is to particularly note that “it 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 authorised market participant”.