The Bank of Ghana (BoG) has opted not to renew the authorization of Black Star Brokerage (BSB) to operate in Ghana’s forex market for the 2026 calendar year. The BoG decision was carried out without offering BSB any notice of the central bank’s decision.
At the beginning of each year, BoG publishes a notice of the list of authorised FX Brokers in line with section 3.1.3.1 of the Ghana Interbank Forex Market Conduct Rules, which states that “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.”
Exclusion of BSB
On 2 January 2025, the Bank of Ghana, in a notice under the hand of Ms Sandra Thompson, the Bank’s secretary, authorized 15 companies. Black Star Brokerage ranked third on the list for the period 1 January to 31 December 2025.
However, in the BoG’s 2026 notice, issued under the hand of Ms Aimee Vyda Quashie, acting secretary to the bank, 12 FX Broker companies were authorized to operate on the Ghana Interbank FX market, and three others were authorized to operate as cross-border payments and financial services providers on the Ghana Interbank FX market. This list, however, did not include Black Star Brokerage (BSB).
BSB request
Black Star Brokerage (BSB), in a letter dated 7 January 2026, signed by the CEO, Nana Agyei Opoku-Agyemang, and George Boafo Addae, head of global markets, and addressed to the Secretary, Bank of Ghana, and copied to the governor, his two deputies, and the director, financial markets department, sought clarification on their non-inclusion in the 2026 list of authorized FX Brokers.
Black Star Brokerage’s letter seeks to first determine whether its exclusion constitutes a regulatory decision. BSB, on the other hand, seeks clarification on the notification requirements for unsuccessful renewals.
“We respectfully request clarification on the Bank’s policy or procedure in this regard, particularly as it relates to transparency, due process, and the ability of regulated entities to take corrective action,” the BSB letter to the BoG read in part.
Beyond these requests, BSB, in their letter, also asked BoG to review its decision and to reconsider including Black Star Brokerage on the list of authorised FX Brokers for 2026.
“Based on the strong performance and the market impact Black Star Brokerage has had in the last decade and also based on our strong compliance records in this very complex and sensitive market, we respectfully request a reconsideration of the Bank’s decision and plead for Black Star to be included in the list of Authorized Brokers,” the BSB letter read.
“If, however, Black Stars’ exclusion from the Authorized Brokers for the period 2026 is a result of non-performance and/or breach of regulatory requirements, we kindly request:
“a. The specific grounds for the decision.
“b. The remediation pathway required for reconsideration.
“Black Star Brokerage values its long-standing relationship with the Bank of Ghana and remains committed to supporting the orderly functioning and development of the Ghana Interbank FX Market.
“We therefore seek your urgent clarification to ensure continuity of service to our clients and full compliance with all regulatory expectations. We would appreciate a written response at your earliest convenience,” the letter further read.
Institutional overview
Black Star Brokerage Limited (BSB) is a premier, full-service broker-dealer firm established in 2008. For nearly two decades, BSB has provided comprehensive market access for institutional and retail clients across multiple asset classes, both in Ghana and internationally.
Regulatory Status & Compliance BSB maintains a robust multi-regulated status, ensuring the highest standards of fiduciary responsibility:
Broker-Dealer & Issuing House: Licensed by the Securities and Exchange Commission (SEC) of Ghana. Market Membership: Licensed Dealing Member of the Ghana Stock Exchange (GSE) and the Ghana Fixed Income Market (GFIM).
Market Infrastructure: Depository Participant of the Central Securities Depository (CSD) of Ghana.
Global Standard: Maintained a valid Legal Entity Identifier (LEI) since 2019, facilitating seamless international transactions and compliance.
Strategic Market Positioning
Continental Integration: BSB is a select participant in the African Exchanges Linkage Program (AELP), an AfDB-backed initiative that integrates African capital markets and facilitates cross-border trading.
Specialized Instruments: The firm is one of only three exclusive brokers authorized to trade the Absa New Gold ETF (the first Gold ETF on the GSE).
Sovereign & Corporate Advisory: BSB acts as a Primary Dealer and Bond Market Specialist for the Government of Ghana. The firm also serves as a lead arranger for major corporate bond issuances on the GFIM.
FX Interbank Brokerage & Global Reach Recognizing the multinational requirements of its sophisticated client base, BSB strategically expanded into the foreign exchange market.
Following a rigorous application process initiated in 2021, the firm was granted its FX Brokerage License in February 2022. This license, consistently renewed by the Bank of Ghana, authorizes BSB to provide transparent, efficient price discovery and execution in the interbank FX market.
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