The Bank of Ghana (BoG) has granted authorization to 15 FX brokers to operate on the Ghana Interbank Foreign Exchange (FX) Market for 2025.
This decision aligns with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which requires local and international FX brokers to secure annual approval to operate in the country’s forex market.
The authorised brokers include:
- IC Securities
- SIC Brokerage
- Black Star Brokerage
- Serengeti Limited
- Obsidian Acherner
- Regulus
- Sarpong Capital
- Terika Financial Services Ltd
- Laurus Africa
- Shadeya International Investments Ltd
- Savvy Securities
- GFX Brokers
- Crown Agents
- CSL Capital
- StoneX Financial Limited
Notably, Crown Agents, CSL Capital and StoneX Financial Limited are categorised as Cross-Border Payments and Financial Services Providers.
The authorisations, effective from January 1 to December 31, 2025, come with stringent post-authorisation conditions.
“The Bank of Ghana reserves the right to delist any authorised FX Broker for nonperformance or non-compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules and the Post Authorisation Guidelines for Forex Brokers,” part of a statement by the Bank of Ghana read.
The BoG has stressed the importance of adherence to the Ghana Interbank FX Market Conduct rules.
FX brokers must comply with conditions such as providing interim and end-of-day trading reports, maintaining robust systems against cyber threats and operating solely as intermediaries between banks on the Interbank Forex Market without engaging directly with any corporate entity.
Deviations from these rules may attract penalties including the revocation of authorisation.
Similarly, for Cross-Border Payments and Financial Services Providers, the BoG has mandated compliance with specific conditions, including accurate pricing reflective of market dynamics and strict reporting requirements.
Any breaches of these conditions will also result in the revocation of authorisation.
This move by the Bank of Ghana reflects its commitment to ensuring a well-regulated and transparent foreign exchange market while promoting compliance with international best practices.
The list of authorised brokers and the comprehensive conditions for operation signal the BoG’s resolve to maintain stability in the forex market.
