Source: newsthemegh.com
About sixteen currency exchange (FX) broker organizations have been authorized by the Bank of Ghana to transact local and foreign FX on the forex market.
The Central Bank clarified in a statement that the approval provided to the institutions in accordance with Section 3.13. 1 of the Ghana Interbank FX Market Conduct regulations is the reason for the development. It further stated that they will be active from January 1, 2024, to December 31, 2024, on the Ghana Interbank Foreign Exchange Market.
The companies on the list are: Obsidian Archerner, Regulus, Sarpong Capital, Savvy Securities, Fenics MD, CSL Capital, Black Star Brokerage, ICAP Broking Services South Africa, and Terika Financial Services Ltd. The remaining companies include SIC Brokerage, Laurus Africa, Shadeya Investments, GFX Brokers, IC Securities, Apakan Securities, and Serengeti Limited.
The FX Act and the Interbank FX Market Conduct guidelines are not being followed, and the Central Bank made it clear that it retains the authority to delist any approved FX Broker.
The FX Brokers were also cautioned not to engage directly with corporate entities, nor should they buy, sell, or keep foreign exchange for their own account or lend it to an approved market participant.