The Bank of Ghana (BoG) has mandated that all licensed forex bureaus in the country adhere to new customer identification verification directives starting Thursday, August 1, 2024.
Under these new measures, individuals seeking to buy or sell foreign currencies must present a Ghana Card as proof of identification. Foreign nationals are required to present their passports and undergo biometric verification.
These directives accompany the launch of a new centralized platform for foreign exchange transactions. Customers without a Ghana Card will be unable to engage in any forex transactions. This initiative aims to streamline and regulate forex operations, ensuring transparency and compliance with financial regulations.
The new centralized foreign exchange trading platform will be compulsory for all licensed Foreign Exchange Bureaux for buying and selling foreign currencies. This platform will enhance oversight for the directors and management of bureaux and improve 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.
Consequently, foreign exchange transactions will only be conducted at BoG-licensed dealers, including licensed Foreign Exchange Bureaux. Furthermore, forex 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,” stated Sandra Thompson, the Secretary of the Bank of Ghana.
The platform has been integrated with the National Identification System to ensure that all foreign currency transactions are performed by verified individuals. Additionally, it will be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaus.
