The Bank of Ghana (BoG) has given approval to six companies to participate in the FX Brokerage Business.
The firms would join other commercial banks that have the approval to trade on behalf of their clients when it comes to participating in foreign Exchange Market supervised by the BoG in the country.
Names of the six companies:
Based on the notice issued by the Bank of Ghana these are the six companies;
1. ICAP FX Global
2. ICAP Plc
3. Obsidian Achemer
4. Fenics MD
5. Emerging Africa Ltd.
What informed these licenses by the Bank of Ghana?
According to Section 3.13.1 of the Ghana Interbank Forex Market Conduct: “Local and International FX Brokers who want to operate in Ghana's forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year. The Bank of Ghana shall publish a list of approved Local and International FX Brokers on its website.”
The Bank of Ghana recently reminded the public that it would only allow firms and banks that are licensed to participate in the Foreign Exchange Market.