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FX brokers to face authorisation revocation over market rule breaches – BoG warns

 The Bank of Ghana (BoG) has cautioned authorized foreign exchange (FX) brokers against breaching the Ghana Interbank FX Market Conduct Rules.

It warns that violations will attract severe penalties, including potential revocation of authorisation.

This comes as the central bank authorizes 15 brokers to operate in the interbank forex market from January 1 to December 31 2025.

The authorization process, which is in accordance with Section 3.13.1 of the Interbank Forex Market Conduct Rules, mandates brokers to secure approval annually.

The Bank of Ghana highlighted its regulatory oversight under the Foreign Exchange Act 2006 (Act 723) and accompanying market conduct rules, emphasizing that non-compliance or underperformance could lead to delisting.

Post-authorization guidelines require FX brokers to report regularly on their operations, avoid direct foreign exchange trading or lending, and act solely as intermediaries between banks.

The central bank also stressed the need for robust cybersecurity measures and accurate rate quotations to uphold market integrity.

The 2025 list of authorized brokers includes IC Securities, SIC Brokerage, and Black Star Brokerage, signaling the Bank of Ghana’s commitment to a transparent, stable and well-regulated forex trading environment to ensure market efficiency and safeguard Ghana’s financial ecosystem.

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