Bank of Ghana Authorizes FX Brokers for 2025 Interbank Forex Market
The Bank of Ghana (BoG) has released the list of authorized Foreign Exchange (FX) brokers permitted to operate on the Ghana Interbank FX Market for the year 2025. This authorization, valid from January 1, 2025, to December 31, 2025, ensures compliance with the Ghana Interbank Forex Market Conduct Rules as stipulated in Section 3.13.1.
Authorized FX Brokers
The approved brokers for 2025 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
The list features both local brokers and cross-border payment service providers, reflecting a balance between domestic and international market players.
Compliance and Penalties
The BoG has emphasized strict compliance with the Foreign Exchange Act, 2006 (Act 723), the Interbank FX Market Conduct Rules, and Post-Authorization Guidelines for Forex Brokers. Failure to adhere may result in delisting or other penalties.
Post-Authorization Conditions
Authorized FX brokers must meet the following conditions:
- Daily Reporting: Brokers are required to submit mid-day and end-of-day reports on pricing and volumes to the BoG.
- Prohibited Activities: Brokers cannot trade or hold forex for their own accounts, nor deal directly with corporate entities.
- Operational Transparency: Brokers must act as intermediaries between banks and operate strictly on a commission basis, without including commissions in trade spreads.
- Cybersecurity Compliance: Robust systems must be in place to prevent cybercrime, aligned with BoG’s Cyber Security Directives.
- Best Price Practices: Brokers must ensure competitive pricing by sourcing rates from a broad array of market makers.
Renewal and Restructuring
FX brokers are required to apply for renewal of their authorization by the end of the first working week of December annually. Any significant changes, such as mergers or changes in company structure, must be promptly reported to the BoG.
Significance of Authorization
This initiative underscores the BoG’s commitment to ensuring stability and transparency in Ghana’s forex market while fostering trust among market participants.
For the full list of brokers and detailed conditions, refer to Notice No: BOG/FMD/2025/01 issued on January 2, 2025.
