Bank of Ghana introduces centralised forex platform.

The Bank of Ghana (BoG) has established a centralised foreign exchange trading platform.

According to a statement released on Tuesday,  July 30, Sandra Thompson, Secretary to the Bank of Ghana, stated that the decision is consistent with the bank's goal of ensuring the integrity and development of the financial system.

The BoG noted that , all licensed Foreign Exchange Bureaux must use this platform to buy and sell foreign currency beginning August 1, 2024.

"This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business."

The BoG further stated that foreign currency purchases and sales must only take place at Bank of Ghana-licensed foreign currency dealers, which include regulated Foreign Exchange Bureaus.

It emphasized that all foreign exchange bureaux transactions would be done on the new trading platform.

Source : Lead News Online