The Bank of Ghana (BoG) has authorised 15 foreign exchange (FX) brokers to operate on the Ghana Interbank Foreign Exchange Market for the year 2025. This approval is in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which mandates both local and international FX brokers to obtain annual clearance to participate in the country’s forex market.

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Among the approved brokers for 2025 are IC Securities, SIC Brokerage, Black Star Brokerage, Serengeti Limited, Obsidian Acherner, Regulus, Sarpong Capital, Terika Financial Services Ltd, Laurus Africa, Shadeya International Investments Ltd, Savvy Securities, GFX Brokers, Crown Agents, CSL Capital, and StoneX Financial Limited.

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Crown Agents, CSL Capital, and StoneX Financial Limited are specifically designated as Cross-Border Payments and Financial Services Providers.The authorisations, effective from January 1 to December 31, 2025, are subject to strict post-approval conditions.

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According to a statement from the BoG:“The Bank of Ghana reserves the right to delist any authorised FX Broker for nonperformance or non-compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules and the Post Authorisation Guidelines for Forex Brokers.”The BoG has underscored the need for all FX brokers to strictly adhere to the Ghana Interbank FX Market Conduct rules.

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Brokers are required to submit interim and end-of-day trading reports, maintain robust systems against cyber threats, and operate solely as intermediaries between banks without direct engagement with corporate entities.Failure to comply with these regulations may lead to sanctions, including the revocation of operating authorisation.

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For Cross-Border Payments and Financial Services Providers, the BoG has also imposed specific compliance requirements, such as maintaining accurate market-based pricing and meeting strict reporting obligations. Non-compliance with these conditions could result in similar penalties.This regulatory move by the Bank of Ghana highlights its commitment to ensuring a stable and transparent forex market while aligning with international best practices.

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The approved brokers and the regulatory conditions aim to foster confidence and discipline in Ghana’s interbank FX market.

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