The Bank of Ghana (BoG) has instructed all licensed forex bureaux in the country to require the Ghana Card for any foreign exchange transactions.
This mandate, effective August 1, 2024, aims to enforce customer identity verification, necessitating that individuals provide a Ghana Card for proof of identity when buying or selling foreign currencies.
Foreign nationals will need to present their passport and undergo biometric verification.
The new requirement is part of a broader initiative to introduce a centralized platform for foreign exchange transactions, which will enhance regulatory oversight and ensure compliance with financial regulations.
This platform will be used exclusively by licensed forex bureaux for currency transactions, improving monitoring and adherence to the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act (Act 1044), and other relevant regulations.
As part of these changes, forex bureaux must also issue electronic receipts for all foreign currency transactions.
The platform, integrated with the National Identification System and national payment systems, aims to ensure transactions are conducted by verified individuals and facilitate electronic payments.
