The 6 firms that have gained approval will join other commercial banks that have the license to trade on behalf of their clients when it comes to participating in the Foreign Exchange Market.
Names of the six companies
Based on the notice issued by the Bank of Ghana these are the six companies;
1. ICAP FX Global
2. ICAP Plc
3. Obsidian Achemer
4. Fenics MD
5. Emerging Africa Ltd.
What informed these licenses by the Bank of Ghana?
According to Section 3.13.1 of the Ghana Interbank Forex Market Conduct: “Local and International FX Brokers who want 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 Bank of Ghana shall publish a list of approved Local and International FX Brokers on its website.”
Recently, the BoG reminded the public that it would only allow firms and banks that are licensed to participate in the Foreign Exchange Market.