The Bank of Ghana (BoG) and Refinitiv are rolling out a new matching system that the central bank says will deepen the local foreign exchange market and reduce fragmentation.

Refinitiv’s Spot Matching platform went live on February 21. It allows for transparent price discovery and trading, encouraging a move away from the over-the-counter FX trading that previously predominated.

Bank of Ghana governor, Ernest Addison, said markets that relied on OTC trading tended to be “highly fragmented” and