Bank of GhanaB

The Bank of Ghana traces its origins to the Bank of the Gold Coast (BCG). As Ghana approached political independence in the mid-1950s, the push for a central bank intensified. In 1955, a Select Committee laid the groundwork for its establishment. By March 4, 1957, just before Ghana's independence, the Bank of Ghana was formally established. The bank began operations on August 1, 1957, marking a significant milestone in Ghana's financial history. The Bank of Ghana has since evolved through various legislative changes and continues to play a crucial role in the country's economic development.

On each trading day, authorised FX brokers shall be required to send to the BoG an interim report mid-day and end of day report when the market closes and should cover pricing and volumes. This report shall be sent to fxbrokers@bog.gov.gh;

FX brokers shall adhere to all applicable requirements under the Ghana Interbank FX Market Conduct rules. Bank of Ghana (BoG) shall impose penalties and/or revoke authorisation if any FX broker is deemed to have deviated from any of the Ghana Interbank FX Market Conduct rules;

An FX broker shall apply for a renewal of authorisation as an FX broker in Ghana by the end of the first working week of December of every calendar year;

Restructuring of the FX broker, e.g. mergers, takeovers and any other significant changes (e.g. change of company name, etc.); must be reported to the BoG without delay. In the event of restructuring and/or changes to the FX broker's's regulatory status, proof must be provided that the regulatory authority has either approved or has not objected to such changes;

An FX broker shall not take the other side of customer trades, nor should the trade be outsourced to any single third party who can skew the price according to their own trading book. If the counterparty makes its own price, then the FX broker should seek a best price from a reasonable array of wholesale market makers;

An FX broker shall not buy or sell foreign exchange for its own account, nor hold, borrow or lend foreign exchange to an authorised market participant;

An FX broker must have a robust system in place with the required safeguards against cybercrime and other forms of internet or other technology threats in line with the Bank of Ghana's Cyber Security Directives;

An FX broker shall quote exchange rates that are based on actual transactions within the domestic economy in Ghana and may be required to provide evidence of that as deemed necessary.

Locate the search icon at the upper right corner of the site https://www.bog.gov.gh/. Click on it and enter "Fx" in the search bar. You'll be directed to a list of releases containing the keyword "Fx."

Find and click on the article titled "Authorised FX Brokers by Bank of Ghana" and download the associated PDF. This document will list the authorized forex brokers for the year. FX brokers must apply for renewal of their authorization by the end of the first working week of December each year, so the list is updated annually.

A customer may Email complaint to complaints.office@bog.gov.gh
If not satisfied, take legal action.