{"id":23906,"date":"2024-07-31T15:41:51","date_gmt":"2024-07-31T15:41:51","guid":{"rendered":"https:\/\/sotnews.agency\/?p=23906"},"modified":"2024-07-31T17:38:18","modified_gmt":"2024-07-31T17:38:18","slug":"bank-of-ghana-launches-a-centralised-foreign-exchange-trading-platform-to-ensure-the-integrity-of-the-financial-system","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=23906","title":{"rendered":"Bank of Ghana launches a centralised foreign exchange trading platform to ensure the integrity of the financial system"},"content":{"rendered":"
\n
\n \t<\/i> Read Time:<\/span>1 Minute, 56 Second <\/div>\n\n <\/div>

Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use <\/strong>a centralised foreign exchange trading platform created by the Bank of Ghana (BoG) for the buying and selling of foreign currencies, the central bank, has announced.<\/strong><\/p>\n

This initiative is in line with the objective of the central bank to ensure the integrity and development of the financial system, the Bank of Ghana said.<\/p>\n

In a statement, the Bank described the initiative as a milestone in its efforts to ensure safe and sound operations of the foreign exchange business.<\/p>\n

The platform will improve oversight for Directors and Management of bureaux and enhance the Bank\u2019s 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.<\/p>\n

To ensure full utilisation and realisation of the system\u2019s objectives, the following must
\nbe adhered to:
\ni. Trading of Foreign Currencies with Licensed Dealers Only: The buying and
\nselling of foreign currencies shall only be conducted at Bank of Ghana licensed
\nforeign currencies dealers, which include licensed Foreign Exchange Bureaux.<\/p>\n

ii. Usage of the Platform: All Foreign Exchange Bureaux transactions shall be
\nconducted on the new trading platform.<\/p>\n

iii. Issuance of Electronic Receipt: Foreign Exchange Bureaux are required to
\nissue electronic receipt to customers for all purchases and sales of foreign
\ncurrencies.<\/p>\n

iv. Verification of Customer Identity: In line with Bank of Ghana\u2019s Notice No.
\nBG\/GOV\/SEC\/01 titled \u201cUse of Ghana Card for All Financial Transactions\u201d, all
\npersons seeking to buy or sell foreign currencies must provide a Ghana Card or
\nPassport (for Foreign Nationals) and undergo biometric verification.<\/p>\n

\u201cThe platform has been integrated with the National Identification System to ensure all
\npurchases and sales of foreign currencies are performed by verified individuals.<\/p>\n

\u201cIt 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.<\/p>\n

\u201cThe public is reminded that the buying and selling of foreign currencies shall only be
\nconducted with Bank of Ghana licensed foreign currencies dealers,\u201d a statement issued by the BoG said.<\/p>\n\n

The post Bank of Ghana launches a centralised foreign exchange trading platform to ensure the integrity of the financial system<\/a> first appeared on 3News<\/a>.<\/p>

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Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use a centralised foreign exchange trading platform created by the Bank of Ghana (BoG) for the buying… <\/p>\n","protected":false},"author":1,"featured_media":23941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-23906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/23906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23906"}],"version-history":[{"count":2,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/23906\/revisions"}],"predecessor-version":[{"id":23943,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/23906\/revisions\/23943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/23941"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}