The Bank of Ghana (BoG) has released a list of foreign exchange (FX) brokers and cross border payments providers authorised to operate on the Ghana Interbank FX market in 2026, with approvals valid from January 1 through December 31.
In a notice issued by the central bank, BoG stated the approval aligns with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which stipulates that local and international FX brokers seeking to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year.
The central bank approved 12 FX brokers to operate on the interbank FX market. These firms are IC Securities, SIC Brokers, Serengeti Limited, Sarpong Capital, Terika Financial Services Limited, Savvy Africa, GFX Brokers, Regulus, MB&CO Capital Limited, ICAP, Obsidian Achernar, and TAW Impact Capital.
In addition, the Bank of Ghana authorised three firms to operate as cross border payments and financial services providers on the interbank FX market: Crown Agents Bank, CSL Capital, and StoneX Financial Limited. These providers facilitate international money transfers and financial services that involve foreign currency transactions across borders.
Under post authorisation conditions, the central bank has directed FX brokers to submit interim midday and end of day reports on pricing and volumes for each trading day through a designated electronic mail address at [email protected]. This requirement enables BoG to monitor market activity and ensure compliance with established trading protocols.
Both FX brokers and cross border payment providers are required to maintain robust systems with safeguards against cybercrime and other technological threats, in line with the Bank of Ghana’s Cyber Security Directives. The central bank further directed that significant structural changes, including mergers, takeovers or changes in company names, must be reported promptly, with evidence of regulatory approval where applicable.
The authorisations are valid from January 1, 2026, to December 31, 2026, with renewal applications required by the end of the first working week of December. FX brokers seeking to continue operations beyond 2026 must submit fresh applications within this timeframe to maintain their authorisation status.
The Bank of Ghana cautioned that approval is conditional and may be withdrawn in cases of poor performance or regulatory breaches. The Bank of Ghana reserves the right to delist any authorised FX Broker and cross border payments and financial services providers for non performance or non compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules, and the post authorisation guidelines, the notice stated.
The guidelines prohibit FX brokers from buying or selling foreign exchange for their own accounts, holding or lending foreign exchange, or dealing directly with corporate entities, as they are to operate solely as intermediaries between banks. The central bank stated brokers must operate strictly on a commission basis and are prohibited from incorporating commissions into pricing spreads.
For cross border payment providers, the Bank of Ghana directed them to desist from aggressively pricing forex and ensure their rates reflect prevailing market dynamics within limits set by their partner banks. Such providers are also restricted to a maximum of five partner banks for the termination of foreign exchange flows, a measure designed to promote market stability and prevent concentration risk.
An FX broker must quote exchange rates based on actual transactions within the domestic economy in Ghana and may be required to provide evidence of that as deemed necessary by the central bank. This requirement aims to ensure that quoted rates reflect genuine market conditions rather than artificial or manipulated pricing.
The authorisation process represents part of BoG’s broader regulatory framework for Ghana’s foreign exchange market, which has undergone significant reforms in recent years. The central bank has implemented various measures to enhance transparency, improve market efficiency, and strengthen oversight of foreign exchange transactions.
Ghana’s forex market has faced challenges including currency volatility and limited liquidity in recent years. The cedi depreciated significantly against major currencies in 2024, prompting the central bank to implement various interventions to stabilize the exchange rate and manage inflationary pressures.
The 2026 authorisations show some changes from the 2025 list, which included 15 total authorised entities. Notable additions to the 2026 list include MB&CO Capital Limited, ICAP, and TAW Impact Capital, while some firms that appeared on the 2025 roster, including Black Star Brokerage, Laurus Africa, Shadeya International Investments Limited, and Savvy Securities, do not appear on the current year’s authorisation.
The regulatory framework governing FX brokers in Ghana requires strict adherence to operational guidelines designed to prevent market manipulation, ensure fair pricing, and protect the integrity of the foreign exchange market. Violations of these rules can result in penalties ranging from fines to complete revocation of operating licenses.
FX brokers play a crucial role in Ghana’s financial system by facilitating foreign exchange transactions between banks and providing price discovery services that help establish fair market rates. Their operations support trade finance, remittances, and investment flows that are essential to Ghana’s economic development.
The Bank of Ghana’s decision to maintain robust oversight of foreign exchange intermediaries reflects ongoing efforts to strengthen the country’s financial infrastructure and enhance confidence in the forex market. The annual authorisation requirement ensures that only qualified and compliant firms participate in this critical segment of Ghana’s financial sector.
