The Bank of Ghana (BoG) has declined to renew the authorisation of Black Star Brokerage Limited (BSB) to operate in Ghana’s foreign exchange (FX) market for the 2026 calendar year, effectively excluding the firm from the list of approved FX brokers without prior notice.
The decision follows the central bank’s annual process of approving FX brokers in line with Section 3.1.3.1 of the Ghana Interbank Forex Market Conduct Rules, which requires all local and international FX brokers seeking to operate in Ghana to obtain prior approval from the Bank of Ghana at the beginning of each calendar year.
BSB missing from 2026 authorisation list
On January 2, 2025, the Bank of Ghana published a notice authorising 15 companies to operate as FX brokers on the Ghana Interbank FX Market for the period January 1 to December 31, 2025.
That notice, signed by the Bank’s Secretary, Ms Sandra Thompson, ranked Black Star Brokerage as the third authorised broker on the list.
However, in its 2026 notice issued under the hand of Ms Aimee Vyda Quashie, Acting Secretary to the Bank, the BoG authorised 12 FX broker companies to operate on the Ghana Interbank FX Market, alongside three other entities approved to operate as cross-border payments and financial services providers.
Black Star Brokerage was notably absent from the 2026 list.
BSB seeks clarification and review
In response, Black Star Brokerage, in a letter dated January 7, 2026, formally wrote to the Secretary of the Bank of Ghana seeking clarification on its exclusion.
The letter, signed by the company’s Chief Executive Officer, Nana Agyei Opoku-Agyemang, and the Head of Global Markets, George Boafo Addae, was copied to the Governor of the Bank of Ghana, his two deputies, and the Director of the Financial Markets Department.
In the correspondence, BSB questioned whether its exclusion constituted a formal regulatory decision and sought clarity on the notification procedures for unsuccessful renewal applications.
“We respectfully request clarification on the Bank’s policy or procedure in this regard, particularly as it relates to transparency, due process, and the ability of regulated entities to take corrective action,” the company stated.
Beyond seeking clarification, Black Star Brokerage appealed to the central bank to review and reconsider its decision, urging the BoG to include the firm among authorised FX brokers for 2026.
Citing its track record, BSB highlighted its decade-long impact in the FX market and its compliance history in what it described as a “complex and sensitive market.”
“Based on the strong performance and the market impact Black Star Brokerage has had in the last decade and also based on our strong compliance records, we respectfully request a reconsideration of the Bank’s decision,” the letter said.
The firm further requested that if its exclusion was due to non-performance or a breach of regulatory requirements, the Bank should clearly outline the specific grounds for the decision and provide a remediation pathway for reconsideration.
Black Star Brokerage stressed that it values its long-standing relationship with the Bank of Ghana and remains committed to supporting the orderly functioning and development of the Ghana Interbank FX Market, adding that it seeks urgent clarification to ensure continuity of service to clients and full regulatory compliance.
Profile of Black Star Brokerage
Founded in 2008, Black Star Brokerage Limited is a full-service broker-dealer firm providing market access to both institutional and retail clients across multiple asset classes in Ghana and international markets.
The firm operates under a multi-regulatory framework.
It is licensed by the Securities and Exchange Commission (SEC) of Ghana as a broker-dealer and issuing house, and is a licensed dealing member of both the Ghana Stock Exchange (GSE) and the Ghana Fixed Income Market (GFIM).
BSB is also a depository participant of the Central Securities Depository (CSD) of Ghana and has maintained a valid Legal Entity Identifier (LEI) since 2019, enabling it to participate in cross-border transactions in line with global standards.
Strategic positioning in capital markets
Black Star Brokerage holds a strong strategic position within Ghana’s capital market ecosystem.
It is a select participant in the African Exchanges Linkage Programme, an African Development Bank-backed initiative aimed at integrating African capital markets and facilitating cross-border trading.
The firm is also one of only three exclusive brokers authorised to trade the Absa New Gold Exchange Traded Fund, the first gold ETF listed on the Ghana Stock Exchange. In addition, BSB serves as a Primary Dealer and Bond Market Specialist for the Government of Ghana and has acted as lead arranger for several major corporate bond issuances on the Ghana Fixed Income Market.
FX brokerage licence history
As part of its expansion to meet the needs of multinational and sophisticated clients, Black Star Brokerage entered the interbank foreign exchange market after a rigorous application process initiated in 2021.
The firm was granted its FX brokerage licence by the Bank of Ghana in February 2022, allowing it to provide price discovery and execution services in the interbank FX market.
That licence has been renewed annually until the 2026 decision.
Market observers say the exclusion of a previously authorised FX broker raises questions about regulatory transparency and communication, particularly given the absence of prior notice.
The Bank of Ghana has yet to publicly respond to Black Star Brokerage’s request for clarification and reconsideration.
