BoG to seek review of Ghana’s Forex law to ensure transparency

The Bank of Ghana says it will seek in reviewing the Foreign Exchange Act, 2006 (Act 723).

This, according to the central bank will help in the easy application and enforcement of the law.

The BoG indicated that the current law only imposes a suspension as the highest penalty if a bank or any other licensed institution violates the Act.

“We are limited to enforce the Act,” Dr Kofi Wampah, Governor of the BoG told journalists November 27, 2013 in Accra.

“We want to impose a fine that will bite them,” Dr Wampah added.

The central bank has hinted of introducing new measures in the foreign exchange market.

The BoG said it will soon issue a new set of foreign exchange regulations and code of conduct to guide operations in the foreign exchange market.

“This will ensure transparency and streamline activities in the foreign exchange market,” it said.

Dr Wampah indicated that the code of conduct will be launched next week and it will become operational by January 1, 2013.

It will also roll out a uniform trade reporting platform for all banks to ensure transparency in pricing, price discovery, and online reporting.

By Ekow Quandzie