The Bank of Ghana (BoG) has failed to renew Black Star Brokerage’s (BSB) authorisation to operate in the country’s foreign exchange market for 2026. But the company accuses the BoG of deciding without prior notice to the firm.

Each year, the BoG publishes a notice listing authorised FX brokers, in line with section 3.1.3.1 of the Ghana Interbank Forex Market Conduct Rules, which stipulates that “Local and international FX brokers seeking to operate in Ghana’s forex market must obtain prior approval from the Bank of Ghana at the start of each calendar year.”

Exclusion from 2026 Authorisation

On January 2, 2025, the BoG, through a notice signed by Ms Sandra Thompson, the Bank’s Secretary, authorised 15 companies, with Black Star Brokerage ranked third on the list for the period 1 January to 31 December 2025.

However, the BoG’s 2026 notice, issued under the signature of Ms Aimee Vyda Quashie, Acting Secretary, authorised 12 FX broker companies to operate on the Ghana Interbank FX Market, with three additional firms authorised to provide cross-border payments and financial services. Black Star Brokerage was notably absent from this list.

BSB Seeks Clarification

In a letter dated 7 January 2026, signed by CEO Nana Agyei Opoku-Agyemang and Head of Global Markets George Boafo Addae, BSB requested clarification from the BoG regarding its exclusion. The letter, addressed to the Bank’s Secretary and copied to the Governor, deputies, and Director of the Financial Markets Department, questioned whether the exclusion constitutes a formal regulatory decision and sought guidance on the notification requirements for unsuccessful licence 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 stated.

Beyond seeking clarification, BSB requested the BoG to reconsider its decision and include the firm among the authorised FX brokers for 2026. The company highlighted its decade-long market impact and strong compliance record, emphasising its contribution to the orderly functioning of the Ghana Interbank FX Market.

The letter also asked that, should the exclusion be due to non-performance or regulatory breaches, the BoG provide the specific grounds for the decision and outline the remediation steps necessary for reconsideration.

Institutional Overview

Founded in 2008, Black Star Brokerage is a full-service broker-dealer providing comprehensive market access to institutional and retail clients across multiple asset classes in Ghana and internationally.

The firm maintains a robust regulatory profile, including:

• Licensing by the Securities and Exchange Commission (SEC) of Ghana as a broker-dealer and issuing house.
• Membership of the Ghana Stock Exchange (GSE) and Ghana Fixed Income Market (GFIM).
• Participation as a depository participant in the Central Securities Depository (CSD) of Ghana.
• Holding a valid Legal Entity Identifier (LEI) since 2019 to facilitate international transactions.

Strategic Market Positioning

BSB participates in the African Exchanges Linkage Program (AELP), an AfDB-backed initiative integrating African capital markets and facilitating cross-border trading. It is among three brokers authorised to trade the Absa New Gold ETF on the GSE and serves as a primary dealer and bond market specialist for the Government of Ghana, in addition to arranging major corporate bond issuances.

FX Interbank Operations

Following a rigorous application process in 2021, BSB received its FX brokerage licence in February 2022, allowing the firm to provide transparent and efficient price discovery and execution in the interbank FX market—a licence that had been consistently renewed until the 2026 exclusion.