Bank of Ghana Releases First List of 2025 Authorized FX Brokers

The Bank of Ghana has officially announced the list of authorized foreign exchange (FX) brokers permitted to operate in the country’s interbank forex market for the 2025 calendar year. This authorization, is granted in compliance with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules.

In accordance with these regulations, both local and international FX brokers seeking to operate in Ghana must secure prior approval from the Bank of Ghana at the beginning of each year. For the period spanning January 1 to December 31, 2025, the following FX brokers have been approved:

  1. IC Securities
  2. SIC Brokerage
  3. Black Star Brokerage
  4. Serengeti Limited
  5. Obsidian Acherner
  6. Regulus
  7. Sarpong Capital
  8. Terika Financial Services
  9. Laurus Africa
  10. Shadeya International Investments Ltd
  11. Savvy Securities
  12. GFX Brokers
  13. Crown Agents (Cross-Border Payments and Financial Services Providers)
  14. CSL Capital (Cross-Border Payments and Financial Services Providers)
  15. StoneX Financial Limited (Cross-Border Payments and Financial Services Providers)

The Bank of Ghana retains the authority to delist any FX broker found to be non-compliant with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules, or thePost Authorisation Guidelines for Forex Brokers.

Operational and Reporting Obligations

Authorized FX brokers are required to adhere to stringent operational standards, including daily reporting obligations. Brokers must submit interim and end-of-day reports to the Bank, detailing pricing and trading volumes. This ensures ongoing oversight of market activities and compliance with established rules.

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Additionally, brokers must avoid engaging in practices such as trading foreign exchange for their own accounts, outsourcing trades to third parties that could manipulate pricing, or dealing directly with corporate entities. Their operations are confined to acting as intermediaries between banks and operating on a commission basis, ensuring transparency and fair pricing.

Cybersecurity and Renewal Requirements

To safeguard the integrity of the forex market, brokers must maintain strong cybersecurity systems in line with the Bank of Ghana’s directives. Renewal applications for FX broker authorization must be submitted by the end of the first working week of December each year.

Regulations for Cross-Border Payment Providers

The Bank of Ghana has also outlined specific guidelines for Cross-Border Payments and Financial Services Providers, who are required to submit end-of-day reports detailing pricing, transaction volumes, and sources of inflows. These providers must align their pricing strategies with market dynamics and refrain from aggressive pricing practices. Failure to adhere to these regulations may result in penalties or the revocation of authorization.