The Bank of Ghana (BoG) has announced that starting August 1, 2024, all licensed Foreign Exchange Bureaux will need to verify the Ghana Card before conducting any transactions with customers.

This requirement follows the launch of a centralized foreign exchange trading platform, aimed at upholding the integrity and progress of the financial system.

"Beginning August 1, 2024, all licensed Foreign Exchange Bureaux will be mandated to utilize this platform for buying and selling foreign currencies. This initiative represents a significant step in the Bank’s efforts to ensure secure and sound operations in the foreign exchange sector," stated a release from the BoG.

The statement further explained that the platform will enhance oversight capabilities for the Directors and Management of bureaux and improve the Bank’s ability to monitor and supervise their activities in accordance with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, (Act 1044), as amended, and other relevant regulations and enactments.

To achieve the full implementation and objectives of the system, the following guidelines must be followed:

Trading of Foreign Currencies with Licensed Dealers Only: 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.

Usage of the Platform: All Foreign Exchange Bureaux transactions shall be conducted on the new trading platform.

Issuance of Electronic Receipt: Foreign Exchange Bureaux are required to issue electronic receipt to customers for all purchases and sales of foreign currencies.

Verification of Customer Identity: In line with Bank of Ghana’s Notice No. BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions”, all persons seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for Foreign Nationals) and undergo biometric verification.

The statement mentioned that the platform is linked with the National Identification System to guarantee that all foreign currency transactions are conducted by verified individuals.

Additionally, it stated that this platform will be connected to the national payment system to facilitate electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.

“The public is reminded that the buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers”, the statement concluded.