Bank of Ghana to enact new Forex Law – New Governor
By DL News
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Speaking at the Jubilee House on Tuesday, February 25, after being sworn into office by President John Mahama, Dr. Asiama highlighted the proposed law as a key component of his agenda to reform Ghana’s financial landscape.
The Bank of Ghana (BoG) is set to introduce a new foreign exchange law as part of a broader initiative to enhance the nation’s banking sector, Governor Dr. Johnson Pandit Asiama has announced.
Speaking at the Jubilee House on Tuesday, February 25, after being sworn into office by President John Mahama, Dr. Asiama highlighted the proposed law as a key component of his agenda to reform Ghana’s financial landscape.
“As part of our strategic reforms, we are set to replace the Foreign Exchange Act of 2006 (Act 723) with new legislation that will address current economic demands and improve foreign exchange management,” he stated.
The existing Foreign Exchange Act, enacted in 2006, is Ghana’s primary legal framework for regulating foreign currency transactions. It governs the buying, selling, and transfer of foreign exchange within the country and international financial dealings. Additionally, it sets guidelines for foreign currency movements and ensures compliance with regulations on remittances and exchange controls.
Dr. Asiama expressed confidence that the updated legislation will bring substantial improvements to the banking industry, particularly in the area of foreign exchange trading, fostering greater stability and efficiency in the financial sector.
