The Bank of Ghana (BoG) has officially released the list of 15 authorised foreign exchange brokers for the year 2025, including three cross-border payment providers.

This announcement, in compliance with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, ensures the integrity and transparency of the country’s foreign exchange market.

The list, effective from January 1 to December 31, 2025, was made public through a notice signed by BoG Secretary Sandra Thompson. It includes prominent players such as IC Securities, Black Star Brokerage, and StoneX Financial Limited, among others.

Emphasis on Compliance

The BoG has emphasized the importance of strict adherence to the Foreign Exchange Act 2006 and the Interbank Forex Market Conduct rules. Non-compliance with these regulations may result in the delisting of authorized brokers.

Section 3.13.1 of the Ghana Interbank Forex Market Conduct Rules

This section mandates that both local and international FX brokers seeking to operate in the Ghanaian forex market must obtain prior approval from the Bank of Ghana at the beginning of each calendar year.

The Authorized Brokers

The full list of authorized FX brokers for 2025 includes:

1. IC Securities
2. SIC Brokerage
3. Black Star Brokerage
4. Serengeti Limited
5. Obsidian Acherner
6. Regulus
7. Sarpong Capital
8. Terika Financial Services UBLIC
9. Laurus Africa
10. Shadeya International Investments Ltd
11. Savvy Securities
12. GFX Brokers
13. Crown Agents (Cross-Border Payments and Financial Services Providers)
14. CSL Capital (Cross-Border Payments and Financial Services Providers)
15. StoneX Financial Limited (Cross-Border Payments and Financial Services Providers)

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New Regulations for Foreign Exchange Brokers in Ghana: Ensuring Transparency and Stability

The Bank of Ghana (BoG) has recently implemented new post-authorisation conditions for foreign exchange (forex) brokers operating as Cross-Border Payments and Financial Services Providers in Ghana.

These regulations aim to promote transparency, stability, and consumer protection within the foreign exchange market. Let’s explore into the key requirements outlined by the BoG:

Daily Reporting:

• Forex brokers must submit daily reports to the BoG by the close of each business day.
• These reports will include details on foreign exchange pricing, transaction volumes, and the source of incoming funds.
• This data will be submitted electronically to fxreturns@bog.gov.gh, allowing the BoG to monitor market activity and identify any potential irregularities.

Fair and Competitive Pricing:

• The BoG prohibits forex brokers from engaging in aggressive pricing practices.
• Pricing should reflect current market trends and be aligned with the exchange rates offered by partner banks.
• This ensures a fair and competitive market environment for all participants.

Limited Banking Partnerships:

• Forex brokers are restricted to working with a maximum of five partner banks for channelling foreign exchange transactions.
• This regulation helps to streamline the flow of foreign exchange and potentially enhance oversight by the BoG.

Annual Renewal and Reporting of Changes:

• Forex brokers must apply for authorisation renewal by the first working week of December each year.
• Any restructuring within the company, such as mergers, takeovers, or name changes, must be promptly reported to the BoG.
• Additionally, brokers must provide evidence of approval or lack of objection from relevant regulatory authorities for any such restructuring.

Cybersecurity Measures:

The BoG emphasises the importance of robust cybersecurity systems for forex brokers.

These systems should comply with the Bank of Ghana’s Cyber Security Directives to safeguard against cybercrime and other technological threats.

Restriction on Money Transfer Operator (MTO) Interactions:

• Forex brokers are prohibited from directly engaging with or interfacing with Money Transfer Operators (MTOs).
• This regulation helps to differentiate the roles and responsibilities of forex brokers and MTOs within the financial services sector.

Consequences of Non-Compliance:

• The BoG has the authority to revoke the authorisation of any forex broker found to be in breach of these post-authorisation conditions.
• This strict enforcement mechanism ensures that forex brokers adhere to the regulations and contribute to a stable and secure foreign exchange market.

Unveiling Ghana’s Forex Landscape: Brokers, Traders, and Opportunities

Ghana’s foreign exchange brokers list provides a comprehensive guide for individuals seeking reliable options for trading. For those who prefer offline resources, Ghana’s foreign exchange brokers pdf is readily available for download.

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Additionally, Forex brokers that accept mobile money in Ghana have gained popularity due to the convenience they offer traders. Many people often question whether Ghana’s foreign exchange brokers are legit, and it’s essential to research before investing.

Identifying the best Ghana’s foreign exchange brokers can be a game-changer for aspiring traders. With numerous Forex trading brokers in Ghana, traders have access to diverse platforms and services.

Learning from the top 10 Forex traders in Ghana can provide valuable insights and strategies, while the stories of the richest Forex traders in Ghana inspire many to aim higher in the trading world.

Looking Ahead

The new post-authorisation conditions implemented by the Bank of Ghana represent a significant step towards strengthening the regulatory framework for foreign exchange brokers in Ghana.

These regulations promote transparency, fair competition, and consumer protection within the forex market. By adhering to these guidelines, forex brokers can ensure their continued authorisation and contribute to a more robust and trustworthy financial ecosystem in Ghana.