Bank of Ghana mandates Ghana Card for forex transactions

The Bank of Ghana (BoG) has directed licensed forex bureaus operating in the country to adhere to new customer identification verification directives. As part of these measures, all persons seeking to buy or sell foreign currencies must provide a Ghana Card as proof of identification.

Foreign nationals will be required to present their passports and undergo biometric verification.

These directives take effect from Thursday, August 1, 2024, as the Central Bank rolls out a new centralized platform for foreign exchange transactions. Customers without a Ghana Card will be unable to engage in any forex transactions.

This initiative is expected to streamline and regulate forex operations, ensuring transparency and compliance with financial regulations.

With the implementation of the centralized foreign exchange trading platform, all licensed Foreign Exchange Bureaux will be required to use this platform for buying and selling foreign currencies.

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), the Anti-Money Laundering Act, 2020 (Act 1044), and other relevant notices and enactments.

This means that the buying and selling of foreign currencies shall only be conducted at Bank of Ghana-licensed foreign currency dealers, which include licensed Foreign Exchange Bureaux.

Additionally, foreign exchange bureaux are required to issue electronic receipts to customers for all purchases and sales 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 Bank of Ghana and signed by its Secretary Sandra Thompson read.

The platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.

It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaus.

source: citinewsroom.com