BoG mandates Ghana Card in forex trade

The Bank of Ghana (BoG) has announced the launch of a centralised foreign exchange trading platform, requiring all licensed Foreign Exchange Bureaux to use it for buying and selling foreign currencies starting August 1, 2024.
This initiative is part of the Central Bank’s ongoing efforts to enhance the integrity and development of Ghana’s financial system.
“Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies.
“This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business,” the Bank of Ghana stated.
The new platform aims to centralize transactions, improving oversight, and enhancing monitoring and supervision in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act (Act 1044), among other relevant regulations.
The Bank has specified that transactions involving foreign currencies must be conducted exclusively with licensed foreign currency dealers, which include licensed Foreign Exchange Bureaux.
Additionally, all transactions must be processed through the new centralised trading platform, and bureaux are required to issue electronic receipts to customers for every foreign currency transaction.
In line with the BoG’s directive on the use of the Ghana Card for all financial transactions, individuals buying or selling foreign currencies must present a Ghana Card or a passport (for foreign nationals) and undergo biometric verification. “In line with Bank of Ghana’s Notice No. BG/GOV/SEC/01 titled ‘Use of Ghana Card for All Financial Transactions,’ all persons seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for Foreign Nationals) and undergo biometric verification,” the Bank emphasized.
The platform is integrated with the National Identification System to ensure all transactions are conducted by verified individuals.
It is also linked with the national payment platform to facilitate electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.
“The platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.
“It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux,” the Bank reiterated.
BoG stressed that the buying and selling of foreign currencies should only be conducted with licensed dealers as part of its efforts to strengthen the financial system and curb illegal foreign exchange activities.
“The public is reminded that the buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers,” the Bank stated.
This move is expected to bolster the financial system’s security and transparency, ensuring compliance with national and international standards.