The Bank of Ghana (BoG) has announced that effective August 1, 2024 all licensed Foreign Exchange Bureaux will be required to demand the Ghana Card before transacting business with any person.
This was after it launched a centralised foreign exchange trading platform in line with its objective to ensure the integrity and development of the 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”, a statement from the BoG said.
It explained that the platform will improve oversight for Directors and Management of bureaux and enhance the Bank’s monitoring and supervision of their operations in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044), as amended, and other relevant notices and enactments.
To ensure full utilisation and realisation of the system’s objectives, the following must be adhered to:
The statement added that the platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.
This it said 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 public is reminded that the buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers”, the statement concluded.
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