The Bank of Ghana (BoG) has directed licensed forex bureaux operating in the country to request the Ghana Card before transacting business with any person.
It is in line with customer identity verification directives which mandate all persons seeking to buy or sell foreign currencies to provide a Ghana Card as proof of identification.
Foreign nationals will be required to present their passport and undergo biometric verification.
This raft of directives takes effect from Thursday, August 1, 2024, as the Central Bank rolls out a new centralised platform for foreign exchange transactions.
Customers without a Ghana Card will be unable to engage in any forex transactions.
It is expected that this will streamline and regulate forex operations, ensuring transparency and compliance with financial regulations.
With the coming into force of the centralised foreign exchange trading platform all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of 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) and the Anti-Money Laundering Act, (Act 1044), as amended, and other relevant notices and enactments.
This means the buying and selling of foreign currencies shall only be conducted at Bank of Ghana licensed foreign currencies dealers, which include licensed Foreign Exchange Bureaux.
In addition, 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.
