Bank Of Ghana Releases Names Of Authorized Foreign Exchange Brokers In Ghana
Bank of Ghana has released the names of authorised foreign exchange brokers in Ghana. In a press statement, the Bank of Ghana revealed that 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.
As of 1st January, 2023, the following brokers are authorized by the Bank of Ghana to operate in Ghana.
1. Black Star Brokerage
2. CSL Capital
3. Fenics MD
4. ICAP African Brokers Ltd
5. Obsidian Acherner
6. Regulas
7. Sarpong Capital
8. Savvy Securities
9. Terika Financial Services ltd
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The Bank of Ghana added that it reserves the right to delist any authorised FX broker for non-performance or noncompliance with the FX Act and the Interbank FX Market Conduct rules. An FX broker is to particularly note that “it shall not deal directly with the corporate entity; it shall not also buy or sell foreign exchange for its own account nor hold, borrow of lend foreign exchange to an authorized market participant”.
Few months ago, the Bank of Ghana engaged managers of commercial banks and forex bureau operators as part of measures to halt rapid depreciation of the cedi and also curb the undue speculation on forex rates in the country.
The meeting helped to identify ways of ensuring seamless distribution of forex as well as ensure that those who really need the forex receive it.
This forms part of a raft of measures being undertaken by the government to deal with the growing concerns over the rapid depreciation of the cedi against the dollar, spiraling inflation and the general high cost of living in the country.
Following this, the Bank of Ghana publishes its exchange rate each single weekday. This helps to guide other brokers on what they should also charge as their exchange rate. Currently, the exchange rate between the cedi and the dollar is $1 = ¢8.6.
