- Daily Reporting Obligations
FX brokers must send mid-day and end-of-day reports to the Bank of Ghana (BoG) daily. These reports, covering pricing and trading volumes, should be sent to [email protected]. - Strict Adherence to Market Conduct Rules
FX brokers must comply with all applicable regulations under the Ghana Interbank Forex Market Conduct rules. Non-compliance may result in penalties or revocation of authorization. - Annual Renewal Requirement
FX brokers must apply for a renewal of their authorization by the first working week of December each year to continue operations. - Mandatory Reporting of Restructuring or Changes
Any restructuring, such as mergers, takeovers, or name changes, must be reported to the BoG without delay. Proof of regulatory approval or non-objection for such changes is mandatory. - Prohibition Against Proprietary Trading
FX brokers cannot buy or sell foreign exchange for their own accounts, nor can they hold, borrow, or lend foreign exchange to authorized market participants. - Exclusive Role as Intermediaries
FX brokers must act as intermediaries between banks in the Interbank Forex Market. They are prohibited from directly dealing with corporate entities. - Transparent Commission-Based Pricing
FX brokers must operate on a commission basis and are not allowed to include their commissions as spreads when pricing trades. - Robust Cybersecurity Measures
FX brokers must have robust systems in place to safeguard against cybercrime and other technological threats, in compliance with the BoG’s Cyber Security Directives. - Exchange Rates Based on Actual Transactions
FX brokers are required to quote exchange rates that reflect actual transactions within Ghana’s domestic economy. Evidence may be requested by the BoG to validate pricing. - Prohibition of Counterparty Bias
FX brokers cannot take the other side of customer trades or outsource them to a single third party that can manipulate pricing for its own trading book. They must ensure competitive pricing from multiple wholesale market makers.
Read more at: List of Authorised FX Brokers – Bank of Ghana
