Refinitiv has extended its reach in Africa by launching its Matching for FX platform in Ghana for trading of the Ghanaian Cedi (GHS).
Dr. Ernest Addison, governor of the Bank of Ghana, expressed the importance of this key milestone to the Ghanaian financial market and the broader West African community, by noting, “Ensuring that we have systems that promote transparency and standardisation of our onshore trading ties in quite well with our Sustainability Banking Principles launched last year. As the Bank of Ghana, we are deepening the foreign exchange market through the introduction of new solutions to improve liquidity and unlock the financial sector’s capacity. This is key for the stability our market.”
Nadim Najjar, managing director for Middle East and Africa at Refinitiv, adds, “We are excited to be launching Refinitiv Matching one of the leading anonymous electronic matching services available in the global FX marketplace, in West Africa. This collaboration between Refinitiv and the Bank of Ghana and local banks marks a key milestone in automating and digitizing FX trading workflows. Our customers will now benefit from an end-to-end automated workflow, such as accurate price discovery, certainty of execution and automated reporting.”
Nuno Neto, performance director for trading at Refinitiv, observed at the launch event, “We have worked really hard to get the Ghanaian Cedi (GHS) added to Matching. We couldn’t have reached this key milestone without support from the market. The trust and active collaboration of the Bank of Ghana and the banking community in Ghana has enabled the standardisation of the onshore trading in Ghana, while providing cost-effective and transparent interbank execution leading to more innovative way of trading.”