Ghana will collaborate with a global matching firm Refinitiv to ensure stability and transparency in the foreign exchange (forex) market operations, officials have said.
To that end, the Bank of Ghana and the service providers have launched the new Refinitiv Matching for Foreign Exchange Trading platform here to enhance pricing and transparency in forex transactions.
“The adoption of this platform is a key step towards deepening the local FX market, and we, therefore, expect full adoption from every bank,” said Ernest Addison, governor of the Bank of Ghana.
The central bank has been implementing forex market reforms to enhance transparency, improve price discovery, and increase the availability of forex hedging products.
Refinitiv Matching is one of the leading anonymous electronic matching services in the global forex market.
“I expect this platform to play an effective role in further transforming the interbank market into a deeper, more liquid, and a more efficient one, to support the central bank’s mandate of price stability and financial stability,” he added. Enditem