Ghana card mandatory for all foreign currency transactions effective Aug. 1 – BoG

The Bank of Ghana has mandated the use of the Ghana Card for all foreign currency 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 BoG said in a statement.

To ensure compliance, the platform for these transactions has been integrated with the National Identification System, guaranteeing that all purchases and sales of foreign currencies are conducted by verified individuals.

The platform will also be linked with the national payment system to facilitate electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.

The BOG reminded the public that: “The buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers.”

Below are details of the BoG statement:

The BoG has launched a centralised foreign exchange trading platform.

Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies.

A statement signed by the Secretary (BoG) said this initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business.

The platform is expected to improve oversight for Directors and Management of bureaux and enhance the Bank’s monitoring and supervision of their operations in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044), as amended, and other relevant notices and enactments.

1.        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.

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

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

Source:classfmonline.com